Sensex gallops 401 points, clocks first weekly gain of 2016
30 Jan 2016 6:27 AM IST
The benchmark BSE Sensex surged over 401 points on Friday to log its first weekly gain this year and closed at 24,870.69 as investors built fresh long positions in the new derivatives series amid a firming global trend after Bank of Japan adopted a negative interest rate policy.
On a weekly basis, the Sensex recovered 435.03 points, or 1.78 per cent, and the NSE Nifty rose 141.10 points, or 1.90 per cent, snapping three straight weekly losses.
Covering up of positions by speculators, fearing a further run-up in coming sessions, also helped the key indices rise. A firming trend at other Asian markets, led by Japan, after the Bank of Japan surprised markets by announcing a negative interest rate policy, buoyed sentiment here too, brokers said.
Japan's Nikkei climbed 2.80 per cent, Shanghai Composite rose 3.09 per cent and Hong Kong's Hang Seng was up 2.54 per cent. European markets opened higher post the BOJ move. Appreciating rupee against the dollar also boosted sentiment, they said. The 30-stock index, after opening in negative zone at 24,347.31, quickly staged a comeback and rallied to hit the session's high of 24,911.90 on across-the-board buying, tracking positive Asian cues and building-up of bets following the beginning of the February derivatives series.
Rupee snaps 3-day loss, up 45p to 67.78 per $
Snapping three-day losing momentum, the rupee recovered by 45 paise to close at 67.78 per dollar on fresh selling of the American currency by banks and exporters in view of sharp recovery in equities. Banks and exporters preferred to reduce their dollar position on hopes of resumption of foreign capital inflows.
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