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Dalal St rebounds on Fed rate cut hope
Rally in Asian, European mkts as investors optimistic about rate cut by US Fed further supported sentiment
Mumbai: Benchmark Sensex spurted by 575 points while Nifty closed above 25,300 on Wednesday on buying in banking and financial shares, driven by a rally in Asian and European markets amid hopes of a rate cut by the US Federal Reserve later this month.
The 30-share BSE Sensex jumped 575.45 points or 0.70 per cent to settle at 82,605.43. During the day, it surged 697.04 points or 0.84 per cent to 82,727.02.The 50-share NSE Nifty climbed 178.05 points or 0.71 per cent to 25,323.55.
Among Sensex firms, Bajaj Finance and Bajaj Finserv were the biggest gainers. Asian Paints, Larsen & Toubro, Trent, UltraTech Cement, Eternal and Adani Ports were also among the winners.However, Tata Motors, Infosys, Tech Mahindra and Axis Bank were among the laggards.
"The up move was driven by some easing in US-China trade tussle and a rebound in the rupee from recent lows. Additionally, a stable start to the earnings season and the reaffirmation of rating agencies' positive outlook on India helped counter lingering worries about global growth and trade tensions," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
Sector-wise, most indices ended in the green, with realty, financials, and metals leading the advance.The broader market also remained constructive, as both midcap and smallcap indices posted healthy gains, supported by strong market breadth, Mishra said.
