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Markets soar on rate cut hopes
Stock markets began the new trading week on Monday on a positive note as rate cut hopes had sent both the indices on a higher trajectory.
Sensex zooms by 333 points to close at 11-week high
Mumbai: Stock markets began the new trading week on Monday on a positive note as rate cut hopes had sent both the indices on a higher trajectory. The benchmark BSE Sensex soared 333 points to close at nearly 11-week high of 25,285 while the broader NSE Nifty went past the 7,700 mark amid firm cues from Asian markets.
A cautious stance of the US Federal Reserve meaning more capital inflows and the government's decision to slash rates on small savings added to expectations that RBI will go the distance and lower rate at its first policy meet of 2016-17 on April 5. Sustained foreign fund inflows and a rising rupee brightened the sentiment further.
The 30-share Sensex, after retaking the 25,000-mark, advanced to a high of 25,327.45 before settling higher by 332.63 points, or 1.33 per cent, at 25,285.37 - its highest closing since January 6. The gauge had gained 275.37 points on Friday as foreign funds continued to pump in money amid a firm global trend after the Fed indicated a slower pace of rate increases in coming days.
The 50-share Nifty too recaptured the 7,700-mark and ended at 7,704.25, up 99.90 points, or 1.31 per cent. In the Sensex kitty, Hindustan Unilever emerged as the top gainer, up 4.05 per cent, followed by SBI 2.93 per cent, Sun Pharma 2.42 per cent and L&T 2.38 per cent.
Tata Motors, Wipro, HDFC Ltd, ICICI Bank, Axis Bank, Bharti Airtel, ITC Ltd, HDFC Bank, Cipla, ONGC, Maruti Suzuki and RIL all advanced. Jewellery stocks rose sharply by up to 11.11 per cent after jewellers called off their 18-day old strike demanding rollback of proposed excise duty on non-silver jewellery.
On the sectoral side, capital goods hogged limelight by rising 2.01 per cent, followed by consumer durables (1.80 per cent), realty (1.78 per cent), banking (1.70 per cent), FMCG (1.65 per cent), PSU (1.21 per cent), auto (1.19 per cent) and oil & gas (1.18 per cent).
The broader markets too ticked up, helped by persistent buying by retail investors. The BSE mid-cap and small-cap closed higher by up to 1.36 per cent. Globally, Asian stocks ruled firm and even Europe had a better trend in early deals.
