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Market surge on global cues, healthy Q3 results

Market surge on global cues, healthy Q3 results

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  1 Feb 2019 6:54 AM GMT

Mumbai: Short-covering ahead of the monthly derivatives expiry along with a dovish US Fed outlook and healthy large-cap quarterly earnings result pushed the barometer BSE Sensex higher by 665 points on Thursday.

The NSE Nifty finished past the 10,800-mark gaining 180 points.

Investors’ sentiments were buoyed as global markets surged after the US Federal Reserve decided to keep the interest rates unchanged.

Consequently, the S&P BSE Sensex closed 665.44 points higher at 36,256.69, while the broader Nifty finished at 10,830.95, up 179.15 points.

“US Fed’s decision to keep the interest rates unchanged is good for the emerging markets. Investors are also upbeat owing to the healthy Q3 results by large caps,” Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.

“...also the short covering ahead of the F&O expiry due later in the day gave a push to the markets.”

Oza said the upcoming interim Budget may not have a material impact on the markets because “it would just be announcements. Investors will focus on the July budget, which will be of much greater importance”.

Shares of IT companies led the gains as BSE IT index rose over 2 per cent. Key sectors banking, finance as well as oil and gas stocks also surged over 1 per cent.

Axis Bank led the gains on Sensex, gaining 4.64 per cent followed by Tata Motors, Tata Motors (DVR), Infosys and Reliance Industries.

The day’s trade saw only 5 stocks ending lower -- Yes Bank, HCL Tech, Bajaj Finance, ICICI Bank and Coal India. (IANS)

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