Millennium Post

Sensex surges 271 points to 28,930

Equities staged an impressive rebound after a three-session losing streak as investors went on a buying spree in beaten down frontliners ahead of key macro data with the BSE benchmark Sensex rallying by 271 points to end at 28,930.41

The Nifty also reclaimed its important psychological level of 8,700 mark.

Fears over an imminent rise in US interest rates had wreaked havoc in financial markets worldwide recently, particularly Indian markets suffered a big jolt with benchmark indices losing by 789.78 points or 2.68r per cent in last straight three days.

Sentiment was also boosted following positive comments from the International Monetary Fund that Asia’s third-largest economy, India is recovering on the back of strong policy actions on the back of lower global oil prices.

After a strong start, key indices maintained its buoyancy throught the session with consolidating gains as confident investors lapped up shares in recent beaten down stocks and created positions ahead of IIP and Inflation numbers. The consumer price index (CPI) data and the index of industrial production (IIP) numbers will be released later on Thursday.

Buying was visible across all the sectors. Power, metal, realty, capital goods, FMCG and consumer durable stocks mainly spearheaded the surge alongwith mid-cap and small-cap stocks.

The Sensex opened higher at 28,798.61 and traded between 28,971.01 and 28,772.71 before concluding at 28,930.41, showing a smart rise of 271.24, or 0.95 per cent. The 50-share broader CNX Nifty also bounced back by 76.05 points, or 0.87 per cent to end at 8,776.00.
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