Sensex rises 242 points on RBI meet-eve
5 Aug 2014 11:46 PM GMT
Domestic markets on Monday surged the most in nearly two weeks with Sensex surging 242 points and the Nifty rising 81 points led by gains in rate-sensitive shares ahead of RBI policy meet while persisting weakness in the rupee boosted IT stocks.
Easing crude oil prices on receding geo-political worries and positive European markets on reports that Portuguese central bank is set to financially rescue a crisis-hit lender, also helped Indian markets snap a two-session losing trend.
The BSE 30-share Sensex resumed strong in line with firm Asian cues and traded mostly in positive before settling at 25,723.16, a rise of 242.32 points or 0.95 per cent — its biggest gain since 22 July, 2014 (310.63 points). The Sensex had lost 606.38 points, or 2.33 per cent in the previous two trading days i.e, 1 August and 31 July. Similarly, the 50-scrip NSE Nifty bounced back by 81.05 points, or 1.07 per cent, to end at 7,683.65. It had shed about 189 points in previous two days. Monday’s 81.05-point gain is also Nifty's best since 22 July (83.65 points). Interest-sensitive stocks such as SBI, ICICI Bank, and Axis Bank gained about 1 per cent ahead of RBI policy outcome.
Consumer durables, realty, capital goods and auto shares were in good demand. IT shares were in the limelight after steep fall in the rupee value last week. Infosys was the top gainer from the Sensex pack with a rise of 3.66 per cent. Wipro rose by 2.42 per cent and TCS by 0.42 per cent.
‘IT, banking and auto stocks drove benchmark indices higher ahead of RBI monetary policy. Portugal agreed to spend 4.9 billion euros to rescue Banco Espirito Santo, its largest listed bank. This provided some support to European markets,’ said Dipen Shah, Head of Private Client Group Research, Kotak Securities.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth net Rs 1,072.96 crore last Friday as per provisional data from the stock exchanges.
Easing crude oil prices on receding geo-political worries and positive European markets on reports that Portuguese central bank is set to financially rescue a crisis-hit lender, also helped Indian markets snap a two-session losing trend.
The BSE 30-share Sensex resumed strong in line with firm Asian cues and traded mostly in positive before settling at 25,723.16, a rise of 242.32 points or 0.95 per cent — its biggest gain since 22 July, 2014 (310.63 points). The Sensex had lost 606.38 points, or 2.33 per cent in the previous two trading days i.e, 1 August and 31 July. Similarly, the 50-scrip NSE Nifty bounced back by 81.05 points, or 1.07 per cent, to end at 7,683.65. It had shed about 189 points in previous two days. Monday’s 81.05-point gain is also Nifty's best since 22 July (83.65 points). Interest-sensitive stocks such as SBI, ICICI Bank, and Axis Bank gained about 1 per cent ahead of RBI policy outcome.
Consumer durables, realty, capital goods and auto shares were in good demand. IT shares were in the limelight after steep fall in the rupee value last week. Infosys was the top gainer from the Sensex pack with a rise of 3.66 per cent. Wipro rose by 2.42 per cent and TCS by 0.42 per cent.
‘IT, banking and auto stocks drove benchmark indices higher ahead of RBI monetary policy. Portugal agreed to spend 4.9 billion euros to rescue Banco Espirito Santo, its largest listed bank. This provided some support to European markets,’ said Dipen Shah, Head of Private Client Group Research, Kotak Securities.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth net Rs 1,072.96 crore last Friday as per provisional data from the stock exchanges.
Next Story
