Sensex climbs 161 pts as Sept F&O series begin

Last Updated : 28 August 2015, 11:42 IST
Last Updated : 28 August 2015, 11:42 IST

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Building on its gains the day before, the benchmark BSE Sensex today surged 161 points to settle above the 26,000 level as investors got down to creating fresh long positions in the new derivatives series amid a firming global trend following upbeat US data.

The investment sentiment was markedly positive after data showed the US economy grew faster than expected. The gross domestic product (GDP) grew at an annual 3.7 per cent in the second quarter, exceeding all estimates.

Furthermore, covering-up of positions by speculators, fearing a further run-up in coming sessions, helped.

The 30-stock index opened on a positive note at 26,542.84 and advanced to hit the session's high of 26,687.33 on sustained across-the-board buying following the beginning of the September derivatives series.

But the market trimmed its early gains as profit-booking at higher levels weighed. Finally, the index settled higher by 161.19 points, or 0.61 per cent, at 26,392.38.

The gauge had rallied 517 points in yesterday's trade after the US Fed hinted at a delay in rate hike.

Intra-day, NSE Nifty reclaimed the 8,000-mark to hit a high of 8,091.80, before closing at 8,001.95, up 53 points, or 0.67 per cent.

However, on a weekly basis, the Sensex lost 973.69 points, or 3.55 per cent, and the NSE Nifty 298 points, or 3.59 per cent.

For the Sensex, this is the biggest weekly loss in close to three months.

Top gainers among Sensex constituents included Vedanta, up 5.70 per cent, followed by ONGC, Bharti Airtel and Bajaj Auto.

Sentiment was buoyed as gains continued at other Asian markets too, with Shanghai Composite closing up 4.82 per cent tracking a second straight day of advances at US markets on upbeat economic data, brokers said.

The market sentiment was also supported by US Fed comments making a September US rate hike unlikely.

Earlier in the week, global markets, including India, had seen a massive sell-off triggered by slowdown worries in China.

Value-buying by investors in several blue-chips influenced sentiment.

Of the 30-share Sensex group, 20 ended higher, while 10 led by Sun Pharma, Lupin, Coal India, TCS and  L&T ran up losses.

Among BSE sectoral indices, technology gained the most by rising 1.76 per cent, followed by IT, infrastructure, auto, oil & gas and metal.

Buying activity also picked up in the broader markets, with the BSE mid-cap rising 0.20 per cent and small cap gaining 0.07 per cent.

Meanwhile, foreign portfolio investors sold shares worth Rs 3,347.35 crore yesterday, as per provisional data.
Published 28 August 2015, 04:26 IST

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