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Bulls Take Charge At D-Street; Sensex Surges 564 Points

By Religare

The Indian equities extended rally for the fourth straight session on Monday on sustained buying by foreign funds and retail investors, tracking a broad rally in Asian markets.

The benchmarks Nifty reclaimed psychological 8000 mark while Sensex jumped 564 points after a tepid US jobs data for September pushed back bets of a hike in interest rates by the US Federal Reserve, bolstered the lure for risk taking appetite.

Bulls Take Charge At D-Street; Sensex Surges 564 Points

The 30-share BSE SENSEX closed at 26785.55, up by 564.6 points or by 2.15 per cent and the NSE Nifty ended 168.4 points higher at t 8119.3.

Traders will be eying the India services PMI on Tuesday which may offer further cues over the health of Asia"s third biggest economy.

In August, the PMI had risen to 51.8 from 50.8 in July, with a reading above 50 signaling expansion.

The next big cue for the market will be the September quarter earnings data with IT bellwether Infosys to set the ball rolling with its result announcement on October 12.

In the bullish trade, the BSE Sensex touched intraday high of 26822.42 and intraday low of 26375.3, while the NSE Nifty touched high and low of 8128.9 and 8005.1, respectively.

In line with the benchmark indices, the broader markets also ended on robust note, with the BSE MIDCAP settling at 11012.57, up by 193.89 points or by 1.79 per cent, while the BSE SMLCAP closed 178.93 points higher at 11221.53.

On the sectoral front, capital goods and bankex indices emerged as top gainers, adding 3.28 per cent and 2.8 per cent, respectively.

Leading the rally on BSE Sensex pack were Tata Motors Ltd. (Rs. 315.20,+6.13%), Tata Steel Ltd. (Rs. 224.50,+5.82%), ICICI Bank Ltd. (Rs. 280.45,+4.90%), Hindalco Industries Ltd. (Rs. 74.05,+4.74%), Housing Development Finance Corporation Ltd. (Rs. 1256.00,+4.73%), among others.


Meanwhile, Maruti Suzuki India Ltd. (Rs. 4415.45,-3.59%), Lupin Ltd. (Rs. 2083.10,-1.14%), Dr. Reddy's Laboratories Ltd. (Rs. 4182.20,-1.13%), Hindustan Unilever Ltd. (Rs. 810.10,-0.55%), were among top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2827, shares advanced were 1999 while 733 shares declined and 95 were unchanged.

On the global front, the Asian equities ended in green amid hopes that the Fed may put off tightening interest rates until next year after poor jobs data.

While China"s Shanghai Composite remained closed due to holidays, Hang Seng surged over 1.4 per cent while Japan"s Nikkei 225 also logged gains of over 1.5 per cent on stimulus hopes from the Bank of Japan.

Read more about: sensex nifty stock market
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