Nifty Jumps 133 Points In Trade On Tepid US Jobs Data

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Tuesday, September 6, 2016, 15:39 [IST]

Benchmark indices surged in trade, after a poor US jobs non farm payrolls data, raised hopes that the US Fed would not hike interest rates in the US.

A hike in interest rates in the US is not considered as good for equities across the globe. The Sensex ended the day higher by a whopping 445 points, while the Nifty gained 124 points in trade.

Leading the set of gainers was Asix Bank, which surged a huge 6 per cent in trade, while other notable gainers was Tata Steel and Maruti.

Tata Motors gained after a leading brokerage firm upgraded the stock to a buy. Jubilant Foodworks was among the few stocks that was very weak in trade after results disappointed. The stock ended the day 10 per cent, lower.

MindTree too fell sharply by 7 per cent, after the company sounded a warning on revenues.

"The decline in revenue is expected due to cross-currency movements, project cancellations and slower ramp-ups in a few large clients across different verticals and continued weakness in its UK-based subsidiary Bluefin", the company said in the filing.

Infrastructure stocks continued to have a stellar day in trade. SPML Infra surged 8 per cent after the company said that debt would reduce substantially with cabinet decision on arbitration awards.

Meanwhile, markets across Europe were trading higher, while most of Asia closed the day with gains.

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