Sensex Surges 350 Points On Solid US GDP Data; Nifty Reclaims 8000 Points

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, August 28, 2015, 9:25 [IST]

Benchmark indices surged for the second day in a row as global cues remained solid after upbeat GDP data in the US, pushed global markets higher. The US Dow Jones Industrial Average recovered almost 1000 points in 2 days after investors bought heavily into stocks.

This pushed Asian indices higher with the Japanese Nikkei, the Shanghai Composite, the Hong Kong's Hang Sang all trading significantly higher.

Crude oil also rebounded in trade, which was another boost for global stocks. The Sensex was trading higher by 330 points, while the Nifty was higher by 104 points.

Check the Sensex gainers and losers

Leading the Sensex gainers were stocks like Cairn India and ONGC on a sharp rally in crude oil. Metal stocks which have been badly hammered in the last few trading sessions saw buying interest after hopes of global growth were raised after the US GDP. Notable gainers from the space were Hindalco, Vedanta, Tata Steel and NMDC.

Mid cap shares also saw solid recovery with stocks like Motherson Sumi, Sun TV and Canara Bank extending gains for a second day in a row.

Infrastructure stocks like L&T and Gammon India also rallied following the government's proposal for smart cities across the country.

Meanwhile, the rupee opened higher against the US dollar and was trading at 66.03 to the dollar.

GoodReturns.in