Sensex up over 200 points, Nifty hits 8,800 after 4 months
Mumbai: The benchmark BSE Sensex surged over 200 points while the broader Nifty traded above 8,800 level in the opening trade on positive global cues and hopes of rate cut on Wednesday.
Nifty touched the crucial psychological level first time in the last four months.Investors and funds appeared bullish amid hopes of a rate cut by the Reserve Bank on February 8, when RBI undertakes its bi-monthy policy review.
As of 9:43 am, the Sensex was up 211 points at 28,452 and Nifty rose 60 points to 8,801.
Analysts expect Reserve Bank of India to cut interest rates by 0.25 per cent at its bi-monthly monetary policy review tomorrow.
IndusInd Bank, ICICI Bank, Hindalco, Axis Bank, Hero MotoCorp, Bharti Infratel, Bank of Baroda, Tata Motors, BPCL and Grasim Industries were among the gainers. On the other hand, Dr Reddy’s Labs, Idea Cellular, Bosch, ACC, HCL Tech and HDFC were among the notable losers.
Moreover, the rupee appreciating by another 10 paise to 67.21 against the dollar in early trade today sent out positive vibes to the stock markets.
Brokers said that sustained buying by investors on hopes of a rate cut by the Reserve Bank of India at its policy meet scheduled on Wednesday, and increased inflows by foreign funds bolstered trading sentiments.
A firming trend in Asia tracking weekend gains at Wall Street, fuelled by a better-than-expected jump in US jobs, too accelerated buying activity on the domestic bourses here.
Japan’s Nikkei was up 0.30 per cent while Hong Kong’s Hang Seng rose 0.68 per cent in early trade today. Shanghai Composite was quoting 0.45 per cent higher.
The US Dow Jones Industrial Average ended 0.94 per cent higher in Friday’s trade.
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Source:Zee news
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