Post Session – Sensex surges over 350 pts as oil rebounds Analysis for Jan 08, 2015

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Snapping three-days losing streak, Dalal Street rebounded on Thursday as a rebound in oil prices and speculation that the US Federal Reserve may refrain from raising interest rates until at least end April gave a lift to the markets. Further, positive trend in Asian markets and a strong finish at Wall Street overnight also boosted sentiment in equities. On the sectoral front, rate sensitive realty, auto and financial stocks were among the top gainers on bourses. Among the key index heavyweights, Coal Indian, BPCL, Asian Paints, Cairn India, Kotak Mahindra Bank, HDFC Bank, ITC and ICICI Bank were among the leading gainers while Reliance Industries ended 1.47 per cent lower on BSE.

On the global front, Asian markets mostly closed higher, except Chinese stocks, after a strong finish at Wall Street overnight as a rebound in oil prices and speculation that the US Federal Reserve may refrain from raising interest rates until at least end April as signaled by the FOMC minutes released yesterday. China"s Shanghai Composite plunged after investors booked profits following a recent rally. Hang Seng rose while Japan"s Nikkei 225 jumped as a weaker yen boosted the appeal of exporter stocks. A dip in Euro area consumer prices last month also boosted hopes that the European Central Bank (ECB) may kick-start QE soon.

The BSE SENSEX ended at 27274.71 up by 365.89 points or by 1.36 per cent, and the NSE Nifty closed at 8234.6 up by 132.5 points or by 1.64 per cent.

The BSE Sensex touched intraday high of 27316.41 and intraday low of 27101.94, while the NSE Nifty touched intraday high of 8243.50 and intraday low of 8167.30.

Meanwhile, the BSE MIDCAP closed at 10420.63 up by 186.08 points or by 1.82 per cent, while the BSE SMLCAP ended at 11185.88 up by 196.89 points or by 1.79 per cent.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3127, shares advanced were 2128 while 887 shares declined and 112 were unchanged.

Among the thirteen sectoral indices, rate sensitive realty and bankex index gained 2.63 per cent and 2.07 per cent, respectively.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 512.20,+3.68%), ICICI Bank Ltd. (Rs. 347.25,+2.52%), ITC Ltd. (Rs. 362.45,+2.52%), Hindalco Industries Ltd. (Rs. 152.70,+2.41%), GAIL (India) Ltd. (Rs. 430.30,+2.20%), among others.

On the flip side, Reliance Industries Ltd. (Rs. 842.85,-1.47%), was among top loser on BSE.

Story first published: Thursday, January 8, 2015, 16:48 [IST]
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