Sensex hits 34k-mark, gains whopping 800 pts; 5 key pointers to note
Interestingly, it was Sensex that saw bulk purchases, so much so, that its overall gain was over 800 points today.
It was a good day on Dalal Street, as both Sensex and Nifty saw heavy buying. At the close, the S&P BSE Sensex stood at 34,067.40 up by 718.09 points or 2.15%. Whereas Nifty 50 ends at 10,250.85 up by 220.85 points or 2.20%. Interestingly, it was Sensex that saw bulk purchase, so much so, that its overall gain was over 800 points. Sensex has been struggling since last month to retain its 34,000-mark, as this index was in bloodbath with every other sector declining to new lows.
Well all is well and good today, and it was a moment to rejoice for investors as they finally found some hope in the stock market. Here's a list of 5 key pointers that were the reason behind uptick in Sensex.
Heavy buying in large caps!
Investors were very optimistic in large cap stocks, as they rose strongly with ICICI Bank becoming the leader. The ICICI Bank ended at Rs 349.15 up by 10.82%, SBIN at Rs 268.05 up by 8.04%, Adani Ports at Rs 326.60 up by 7.33%, L&T at Rs 1260.80 up by 7.33% and Axis Bank ends at Rs 564 up by 4.96%.
Other companies that gained were - Reliance Industries at Rs 1088 up 4.41%, Tata Steel at Rs 573.60 above 4.08%, TCS at Rs 1869.75 higher by 3.90%, Tata Motors at Rs 175.35 per piece up 3.85%, Vedanta at Rs 211.35 up 3.58%, Sun Pharma at Rs 572.65 up 3.43% and Wipro at Rs 328.60 up 3.14%. Companies like M&M, Coal India, ONGC, Hero Motocorp, Infosys, Bajaj Auto, Maruti Suzuki, ITC, PowerGrid and Asian Paint also surged in the range of 0.40% to 3%.
6 sectors in full-blown bull market!
Banking stocks were best performers on Sensex, as the S&P BSE Bankex index ended at 28029.40 soars by 870.13 points or 3.20%. The index has also earmarked its 28,000-mark and has gained overall 945 points on the exchange today. Top gainers were ICICI Bank, Bank of Baroda, State Bank of India, Axis Bank, Punjab National Bank, Federal Bank and Yes Bank.
Bankex was followed by S&P BSE Capital goods index which ended at 17009.83 up by 600.23 points or 3.66%. Top performer were BEML, L&T, Elgi Equipments, Kalpatatru Power Transmission and Graphite India. S&P BSE Healthcare Iindex took the third spot, as it ended at 14460.19 up by 584.69 points or 4.21%.Top gainers were Divi's Laboratories, Wock Pharma, Granules India, Auro Pharma and Poly Medicure.
S&P BSE Consumer durable index was also in the list of gainers, as it finished at 18665.60 up by 432.48 points or 2.37%. Top gainers were VIP India, Symphony, Voltas, Titan and Blue star ltd. Finally, it was S&P BSE Auto and S&P BSE Information Technology among the gainers list, as they ended at 19,626.99 and 13,801.20 levels rising by 330.73 and 323.95 points respectively.
Top gainers on auto sector were - TVS Motors, Tata Motors, Apollo Tyre, Balkrishna Industries and M&M. While on IT sector, the list had Intellect Design Arena Ltd, Trigyn Technologies, Newgen Software Technologies, All Sec Technologies and L&T Technology Services taking lead.
Rupee The Indian rupee which has depreciated to new levels, today ended flat at 73.45 per dollar compared to its previous closing of 73.46 against US dollar at interbank forex market. The rupee's performance can be attributed to decline in global crude oil prices and as the RBI continued to intervene to curb the volatility of the domestic currency.
Brent Crude price
Crude oil, which has been boiling and scaring many countries' economy over the past few months, today tumbled on concern over the global economy. This put crude on track for its biggest monthly fall since mid-2016.
Brent crude oil futures were down 34 cents at $77.28 a barrel at 1005 GMT, while U.S. crude futures fell by 30 cents to $67.29.
Even with U.S. sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7 percent in value this month, the largest percentage decline since July 2016, reported Reuters
According to Reuters reports, the MSCI world equity index, tracking shares in 47 countries, extended early gains to rise 0.4 percent. The index is down 9.3 percent so far this month and has shed $6.7 trillion in market capitalisation since its January peak. Reportedly, strong gains across Europe helped boost U.S. stock futures back into the positive, with the Nasdaq futures up 1.4 percent, S&P 500 futures up 1.1 percent and Dow Jones futures up 0.7 percent.
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