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Sensex Ends 801 Points Higher On US China Negotiation Hopes, Stimulus And Nomura Upgrades
While booster measure, lifted stocks at the start of the trade today, the sentiment improved further as hopes on US-China talks strengthened the Indian equities once again. At around 2:00 pm, the Sensex was up 700 points, while Nifty also gained too to trade up by 1.8%
At the close, Sensex ended 792 points higher while Nifty topped 11,000 mark, rallying over more than 2% each on expected lines after FM's mini budget booster dose.
The gains have also been restored as Japanese brokerage company pointed out that positive domestic developments should be the time to buy in the stocks and has upgraded India rating to ' Overweight' while BNP Paribas looks the Sensex to further climb to 40,000 by year-end.
Falling crude oil price also lifted up the sentiment on the Indian indices.
Among the sectors that gained limelight today were stocks from the PSU bank space which surged after govt's recapitalization plan and auto stocks.
While Nifty metal was the biggest index loser, losing the most in 3 years, from the pack Tata Steel, Vedanta cracked over 5%.
Yes Bank, however despite more downsides predicted for the stock, climbed higher in trade by over 6%. There has been released a trading guideline on the stock by Zerodha.
DHFL also gained a heavy 11% in trade today after the company proposed a 35% haircut to all the lenders as part of the company's debt resolution plan which is submitted to Union Bank of India.
Meanwhile, the rupee also retreated lower after opening at 71.98 to touch a low of 72.18 and it was last seen quoting at 72 per dollar, the losses in emerging market currencies took a toll on the domestic rupee.
Dow Jones Futures gained 200 points on the possibility of US-China talks to reach the resolution in the ongoing trade war.
Asian shares nonetheless tumbled due to US-China trade war woes which further established recession worries and caused sluggishness in emerging market currencies, including Yuan which sank to its lowest in 11 years.
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