Stocks made a remarkable comeback
today after the benchmark Sensex rebounded 291 points -- its
biggest single session gain in nearly 6 weeks -- to close at
29,656 ahead of RIL earnings, with strong cues from the French
presidential race guiding the way.
Stocks made a remarkable comeback
today after the benchmark Sensex rebounded 291 points -- its
biggest single session gain in nearly 6 weeks -- to close at
29,656 ahead of RIL earnings, with strong cues from the French
presidential race guiding the way.
The NSE Nifty too took back the 9,200 level.
European markets rallied as investors gave a thumbs-up to
the news that pro-EU centrist Emmanuel Macron is leading far-
right candidate Marine Le Pen in the French presidential poll,
which supported the recovery here.
The 30-share Sensex stayed in the green throughout the
session and shuttled between 29,681.33 and 29,392.99 before
settling up 290.54 points, or 0.99 per cent, at 29,655.84, a
level last seen since April 11.
The gauge had lost 57.09 points on Friday largely on
profit-booking amid mixed global cues.
The NSE Nifty reclaimed the 9,200-mark by surging 98.55
points, or 1.08 per cent, to close at 9,217.95 after moving in
a range of 9,225.40 and 9,130.55.
Vinod Nair, Head of Research, Geojit Financial Services,
said, "Good results from heavyweights lifted investors'
sentiment while signs of revival in earnings are driving the
market momentum. Additionally, domestic markets were
facilitated by a relief in global market due to a favourable
outcome in the French presidential result..."
Among BSE sectoral and industry indices, realty rose the
most by 3.02 per cent followed by capital goods (1.66 pc),
bank (1.27 pc), auto (1.19 pc), oil&gas (0.72 pc) and metal
(0.70 pc) while healthcare fell by (0.43 pc).
"Finally, after few days of pain, the bulls had something
to cheer for. The benchmark index opened slightly higher in
line with other Asian peers and then went on to give a
vertical rally throughout the remaining part of the day,"
Sameet Chavan, Chief Analyst, Technical & Derivatives, Angel
Broking said.
Domestic funds bought shares net Rs 1,132.39 crores last
Friday while foreign funds sold shares net Rs 978.34 crore as
per the provisional figures issued by stock exchanges.
RIL shares climbed 1.19 per cent, to Rs 1,416.40 after
soaring to Rs 1,433.75 as participants engaged in widening
their position ahead of quarterly earnings, which is scheduled
to release its results later in the day.
Shares of HDFC Bank continued its upward journey, closed
at record high of Rs 1,532.75, rising 2.41 per cent after the
company last week reported an 18.2 per cent growth in net
profit for the March-quarter.
Shares of cement major ACC too evoked buying support and
rallied 7.36 per cent to Rs 1,606.95 despite the com pay last
week reported an 8.90 per cent decline in consolidated net
profit at Rs 211.06 crore for the first quarter ended March
31, 2017.
Other gainers that contributed to the rise in key indices
included GAIL, Axis Bank, L&T, Maruti Suzuki, HDFC Ltd, Adani
Ports, SBI, Tata Motors, Bharti Airtel, ONGC, Bajaj Auto, TCS
and ITC Ltd, rising by up to 3.17 per cent.
The broader markets too showed strength with the BSE
mid-cap rising 0.95 per cent and small-cap gaining 0.82 per
cent as investors raised their bets.
Among European markets, the Paris CAC 40 index shot up
4.3 per cent,Frankfurt's DAX 30 jumped 2.84 per cent, while
London's FTSE 100 surged 1.78 per cent.
In the Asian region, Japan's Nikkei and Hong Kong's Hang
Seng were looking up while Shanghai Composite Index
was trading lower.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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