Sensex surges 401 pts, clocks first weekly gain of 2016

Sensex surges 401 pts, clocks first weekly gain of 2016
The benchmark BSE Sensex surged over 401 points today to log its first weekly gain this year and closed at 24,870.69 as investors built fresh long positions in the new derivatives series amid a firming global trend after Bank of Japan adopted a negative interest rate policy.

On a weekly basis, the Sensex recovered 435.03 points, or 1.78 per cent, and the NSE Nifty rose 141.10 points, or 1.90 per cent, snapping three straight weekly losses. Covering up of positions by speculators, fearing a further run-up in coming sessions, also helped the key indices rise.

A firming trend at other Asian markets, led by Japan, after the Bank of Japan surprised markets by announcing a negative interest rate policy, buoyed sentiment here too, brokers said.

Japan's Nikkei climbed 2.80 per cent, Shanghai Composite rose 3.09 per cent and Hong Kong's Hang Seng was up 2.54 per cent. European markets opened higher post the BOJ move.

Appreciating rupee against the dollar also boosted sentiment, they said. The 30-stock index, after opening in negative zone at 24,347.31, quickly staged a comeback and rallied to hit the session's high of 24,911.90 on across-the-board buying, tracking positive Asian cues and building-up of bets following the beginning of the February derivatives series.

Finally, the gauge settled 401.12 points, or 1.64 per cent higher, at 24,870.69. The gauge had shed 22.82 points in the choppy session yesterday.

NSE Nifty reclaimed the 7,500-mark to hit a high of 7,575.65 intra-day, before closing at 7,563.55, up 138.90 points, or 1.87 per cent.

Top gainers among Sensex constituents included Coal India, up 4.73 per cent, followed by Hero MotoCorp, Sun Pharma, Hindustan Unilever, Dr Reddy's and  Bajaj Auto.

Of the 30-share Sensex group, 25 ended higher, while 5 led by SBI, Tata Steel, NTPC, ICICI Bank and Bharti Airtel, closed in the negative territory.

Among BSE sectoral indices, Consumer durable gained the most by rising 3.26 per cent, followed by healthcare (2.51 per cent), IT (2.43 per cent), TECK (2.04 per cent), capital goods (1.93 per cent), Auto(1.91 per cent) and metal (1.78 per cent).

Buying activity also picked up in the broader markets, with the BSE mid-cap rising 2.02 per cent and small-cap gaining 1.07 per cent. Meanwhile, foreign portfolio investors sold shares worth Rs 961.82 crore yesterday, as per provisional data.

Assembly elections 2019 | Get the latest news, views and analysis on elections in Haryana and Maharashtra on

For election-related news in Maharashtra, click here

For election-related news in Haryana, click here

DH Newsletter Privacy Policy Get top news in your inbox daily
Comments (+)