Sensex stages a recovery
Domestic equities on Thursday heaved a sigh of relief after corporate earnings and optimism in the Asian markets broke the seven-day losing streak, with benchmark indices Sensex and Nifty ending in the green.
- Published 9.02.18
Mumbai: Domestic equities on Thursday heaved a sigh of relief after corporate earnings and optimism in the Asian markets broke the seven-day losing streak, with benchmark indices Sensex and Nifty ending in the green.
The Sensex jumped over 330 points, or 0.97 per cent, to close at 34413.16 - its biggest single-session gains in two weeks. The 30-share pack had lost 2200.54 points in the last seven sessions amid negative domestic and global cues.
The NSE Nifty, too, recovered over 100 points, or 0.96 per cent, to end at 10576.85.
An emergence of value-buying in recently battered banking counters as also pharma and IT stocks revived optimism on domestic bourses.
Also, investor sentiment got a boost from improved outlook on growth and falling crude prices. Brent crude futures tumbled to a six-week low of $65.16 per barrel. A fall in crude prices is seen as positive for India, which imports most of its oil requirements.
"Domestic earnings positivity and optimism in Asian peers led the Indian market higher after the RBI's status quo stabilised markets. However, investors will continue to keep a watchful eye on global volatility, with Europe continuing to see vulnerability ahead of BOE rate decision," Anand James, chief market strategist, Geojit Financial Services Ltd, said.
The RBI has projected a growth rate of 7.2 per cent for 2018-19 as the GST rollout stabilises and credit offtake improves.