Sensex surges by over 450 points on global cues

Sensex surges by over 450 points on global cues
The key domestic benchmarks rallied handsomely on Friday, closing near the highest level in three years as the Sensex advanced by more than 450 points driven by gains in Banking and Metal stocks. A firm trend in most Asian markets boosted sentiment as the end of the US fiscal crises bolstered foreign investment inflows into emerging markets such as India, pushing up the Indian rupee. A pickup in China"s economic growth last quarter further bolstered the outlook for the global economy. The US lawmakers voted to raise the US debt ceiling, enabling the country to repay its debt and ensuring federal employees return to work. The debt ceiling deal will ensure that the government remains funded through January 15 while extending the debt limit through February 7.

Most Asian stocks ended higher amid hopes that the US Federal Reserve may hold off tapering QE while upbeat Chinese economic growth data also lifted sentiment. A top Fed official urged the central bank not to start tapering monetary stimulus as key economic data was postponed due to the partial government shutdown. Shanghai Composite ended higher as China"s economic growth accelerated in Q3. China"s economy expanded at 7.8 per cent year on year in Q3 2013, matching the estimate of analysts. In Q2 2013, the world"s second biggest economy expanded at 7.5 per cent, year on year, government data showed on Friday. Hang Seng ended higher on upbeat Chinese economic data. Japan"s Nikkei 225 ended lower, snapping a seven-day winning streak amid profit-booking.

The BSE SENSEX closed at 20,882.89, up by 467.38 points or by 2.29 per cent and the NSE Nifty ended at 6,189.35 up by 143.5 points or by 2.37 per cent.

The BSE Sensex touched intraday high of 20,932.23 and intraday low of 20,486.78 The NSE Nifty touched intraday high of 6,201.45 and intraday low of 6,070.9.

Meanwhile, the BSE MIDCAP closed at 5,895.23, up by 57.94 points or by 0.99 per cent, while the BSE SMLCAP ended at 5,737.88, up by 37.9 points or by 0.66 per cent.

On the Sectoral front, Banking and Metal ended up 3.93 per cent and 3.32 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 2730, shares advanced were 1443 while 1111 shares declined and 176 were unchanged.

The top gainers of the BSE Sensex pack were Sesa Sterlite Ltd. (Rs. 195.30,+6.05%), Tata Steel Ltd. (Rs. 328.45,+5.92%), ICICI Bank Ltd. (Rs. 1009.00,+4.44%), Larsen & Toubro Ltd. (Rs. 872.35,+4.19%), HDFC Bank Ltd. (Rs. 676.40,+3.46%), among others.

Dion Global Solutions Ltd.

Read more about: sensex, nifty, qe3, banking stocks
Story first published: Friday, October 18, 2013, 16:24 [IST]
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