Stock market extends winning steak; PSU bank at new high
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
Domestic markets rallied in the final hour of Thursday’s session on the back of index-heavyweights HDFC twins, Reliance Industries, Kotak Bank and ICICI Bank. Even the weak cues from global market failed to drag the equity benchmark.
After starting on a tepid note, the 30-share Sensex gained momentum in late-afternoon trade to close at 34,208.05, up 700.13 points, or 2.09 per cent. Similarly, the broader NSE Nifty jumped 210.50 points, or 2.13 per cent, to 10,091.65.
The top gainers on the Sensex chart were led by the Bajaj Finance, climbing over 5 per cent, followed by Kotak Bank, SBI, PowerGrid, Axis Bank, HDFC Bank and Reliance Industries.
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Top losers on the BSE included HUL, Bharti Airtel, TCS, ONGC and Maruti.
According to Narendra Solanki, Head- Equity Research (Fundamental) at Anand Rathi, market started on a tepid note as peers in Asia traded mixed in the morning session following comments by the Asian Development Bank (ADB) which said that developing Asia will “barely grow” in 2020.
However, the mood in the domestic market turned upbeat in the afternoon with upward momentum witnessed in banks, financial services and metals indices, he added.
Bourses in Hong Kong, Tokyo and Seoul settled with losses, while Shanghai closed in the positive territory.
Stock exchanges in Europe were trading on a mixed note in early trade.
International oil benchmark Brent crude futures inched up 0.76 per cent to USD 41.02 per barrel.
On the currency front, the rupee settled on a flat note, registering a rise of just 2 paise to 76.14 against the US dollar.
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