It has been a host of good news and the headline indices in India have been trading firm for the sixth day in a row with Nifty above 11800 points and heading close to touch 11900 points while Sensex now reclaimed 40000 levels and was last up 500 points at 40380 points.
Here are the reasons for the spurt in Nifty, Sensex on October 8, 2020 deal
1.TCS streets came in better than street expectations:
TCS on Wednesday after market hours announced profit which was dragged just by 7%. Also the company announced Rs. 16000 crore buyback of shares for Rs. 3000 per share.
Wipro following the footsteps of TCS also said it shall consider buyback of shares and also settled in trade above 7 percent.
2. US stimulus hopes renewed:
On renewed hopes of a stimulus in the US, US in overnight trade showed its stocks trading higher and in line Asian stocks also edged higher, giving a boost to other key global indices. At the time of writing this story, Japan's index was up 0.96%, while Hang Seng and Straits Times was down.
3. FII investments stand strong:
The strength in the indices is also gained from the robust FII investment into Indian markets which as per the NSE data was over Rs. 1000 crore on October 7, 2020.
4. Nifty Bank:
Nifty Bank has been also leading the gains in the markets today with all of the stocks barring RBL bank contributing to the gains on the index. Gains in the banking pack have been led by HDFC Bank which surged close to 3% to day's high price of Rs. 1193.75 per share on the BSE.