Market closing: Sensex jumps close to 300 points, Nifty closes 80 points up
In what was another cheerful day for traders, BSE Sensex rocketed 380 points up, whereas Nifty 50 surged 110 points breaching 10,900, levels during the session. The 30 share Sensex closed at 36,076.72, climbing 270 points or 0.75 per cent up. While, NSE Nifty50 jumped 80 points or 0.75 per cent to close at 10,859.90.
All the sectors closed green on Friday leaving positive sentiments for Monday opening. However, metals, auto, banks, pharma were among the highest gainers.
India is in talks with the U.S to ease the tariffs on steel, Binoy Kumar, steel secretary, India said. "We need to look after the interests of the domestic steel industry and hence made a request for exemption," Kumar said.
Kunal Saraogi CEO, Equity Rush told Zee Business Online that there is a strong support at Rs 10,650, and at Rs 27,200, for Bank Nifty. However, he added that coming few weeks will be volatile but, watchful as the markets are moving towards new highs.
"The recovery in the US and Asian markets sending strong signals, the markets will have a positive trend in a new year after January 7," Saraogi claimed.
Bank Nifty closed at Rs 27,125, surging 250 points or 1 per cent.
The Dow Jones Industrial Average jumped 260.37 points, or 1.14 percent, to 23,138.82, the S&P 500 gained 21.13 points, or 0.86 percent, to 2,488.83 and the Nasdaq Composite added 25.14 points, or 0.38 percent, to 6,579.49. However European markets closed with a 2.5 per cent dip as DAX closed on 10,381.51.
SGX Nifty of Singaporean Exchange crossed 10,900, surging 109 points or 1 per cent, impacted Indian markets and a smooth rally expected on Monday as well.
The rupee moved stronger during the day, was up by 44 paise to 69.98 against US dollar, even as crude oil recover further. However, Brent crude took a jump of 2 per cent to trade at $53 per barrel.
Strong global cues, hope for trade settlement between U.S and China, easing tensions between White house and Federal Reserve and positive opening of Asian markets caused Indian market to open higher today. The trend maintained by the market, as it closed green.
However, there may be a major impact on markets in coming weeks because of the setback to the economy over the bad news on fiscal deficit between April to November.
RBI governor Shaktikanta Das on December 27 held meetings with top private sector lenders, to discuss liquidity issues and the flow of credit to small and medium businesses, according to bankers.
Titan: Titan moved 4 per cent strong to Rs 922.70 at closing
Sun Pharma: Sun Pharma climbed to Rs 425.20, surging 3.42 per cent.
IOC: IOC gained 3.21 per cent, to Rs 138.20, at the closing.
Coal India: Coal India was the biggest loser at Rs 242.30, closed down by 3.16 per cent.
Bharti: Infratel: Bharti Infratel closed at Rs 263, down by 1.43 per cent.
BPCL: BPCL fell 0.74 per cent, closing at Rs 361.90.
Watch this Zee Buisness tweet video:
शेयर का आदान -प्रदान होता कहां है, क्या तरीके हैं शेयर खरीदने-बेचने के, जानिए अनिल सिंघवी और स्वाति रैना के साथ #InvestmentGurukul में।
— Zee Business (@ZeeBusiness) December 28, 2018
There are number of positive verticals for the Indian markets to make all time highs in the new year.
RBIs nod to infuse liquidity to banks, recapitalisation of PSBs, stability in rupee, FPIs decision to infuse Rs 4000 crores in capital markets, oversupply of crude, strong global sentiments can drive local markets to all time highs in the future.
Global markets was on track on Wednesday, after the positive news came from the U.S, as according to the economic adviser of Donald Trump, the job of Jerome Powell, chair of Federal Reserve and Steven Mnuchin, the treasury secretary, is 100 per cent safe.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.