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Thursday 20 February 2020

Sensex jumps 416 points ahead of GDP data

The BSE 30-share Sensex took off on a positive note at 35,083.81 and stayed in the green on widespread buying to hit a high of 35,416.03. It finally ended at 35,322.38, up 416.27 points, or 1.19%

Mumbai: The domestic equity market put up a spectacular show on Thursday, as BSE benchmark Sensex hit a two-week high after surging 416 points or 1.19%. The much of the rally, which came during the fag-end of the trade, was on the back of handsome gains in HDFC twins, Infosys, IndusInd Bank, HUL and M&M.
The BSE Sensex rebounded to end at a two-week high on a flurry of buying in banking, energy and IT stocks amid a firming trend overseas. Covering-up of pending short positions on expiry of the May derivatives contracts and optimistic buying by participants ahead of GDP data added to the momentum, brokers said.


The BSE 30-share Sensex took off on a positive note at 35,083.81 and stayed in the green on widespread buying to hit a high of 35,416.03. It finally ended at 35,322.38, up 416.27 points, or 1.19%.

Still, the rally in benchmarks failed to stimulate midcap and smallcap stocks. The BSE Midcap and Smallcap indices settled 0.24% and 0.57% down, respectively.

This is its biggest single-session gain since 5 April, when it had surged 577.73 points. The gauge had lost 259.37 points in the past two sessions.

The 50-issue NSE Nifty ended at 10,736.15, up 121.80 points, or 1.15%, after shuttling between 10,763.80 and 10,620.40.

Among the sectors, energy, FMCG, finance, IT, bank and oil & gas indices were the top contributors to the rally. However, basic materials, pharma, industrials, telecom, capital goods, consumer durables and realty remained subdued, defying positive market sentiment.

HDFC Bank and HDFC added more than 200 points in the BSE Sensex on Friday. HDFC Bank scaled fresh all-time high of Rs 2,150, as the counter witnessed robust buying ahead of the opening of FII buying window on 1 June. On the other hand, country’s biggest mortgage lender jumped over 2% on Thursday.

Asian peers mostly in green as oil prices rebounded, Italy’s political turmoil eased and Chinese data topped forecasts. Chinese shares posted strong gains as investors cheered upbeat manufacturing and non-manufacturing data. Japanese shares closed higher on bargain hunting as concerns about Italy’s political turmoil receded. A firm opening of European markets further lifted the market mood on Thursday.

Predictions of normal southwest monsoon rains and expectations of an improved gross domestic product data due later in the day also pushed the key Indian equity indices higher on Thursday.

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