Sensex surges 352 points on all-round buying

The Reserve Bank of India is widely expected to keep policy rates on hold but investors will watch for any hints of a cut at the February meeting in the policy statement to be released on Wednesday

The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, in its bi-monthly monetary policy review kept repo rate unchanged at 6 percent and reverse repo at 5.75 percent. The Sensex gained more than 150 points and the Nifty reclaimed the 10,200 level; the gains were led by Tata Motors, GAIL India and Coal India.

The benchmark BSE Sensex and the broad-based NSE Nifty continued its rally on Friday morning.

The BSE market breadth was bullish - 1,851 advances and 828 declines.

"Given that interest rates are unlikely to reduce at least in the near to medium term, rate sensitive stocks slid due to rising oil price and concern over fiscal slippage", said Vinod Nair, Head of Research, Geojit Financial Services. Sensex climbed 242 points or 0.74% to 33,191.75 while the wider Nifty was up by over 76 points or 0.76% to 10,243.60. SBI, ICICI Bank, Axis Bank, HDFC Bank, Bank of Baroda, Punjab National Bank and Yes Bank fell by up to 2.27 percent.

Emami shares jumped 2 percent.

Indices were also supported by gains in shares of banks, automobiles and metal companies. DIIs had bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore yesterday, the provisional exchange data showed.

The broader market depicted a mixed trend, with the BSE mid-cap ending up 0.41 per cent, while small-cap index finished 0.03 per cent down.

Other Asian markets closed lower.

Japan's Nikkei led the way as the yen eased on the dollar, rising 1.1 per cent on top of Thursday's 1.45 per cent bounce to be nearly back where it started the week. Shanghai Composite Index, however, shed 0.52 per cent.

Related:

Comments

Latest news

China criticizes India over drone crash inside border
China said the drone crashed in "recent days" but didn't say where. According to the reports, the drone has crossed the LoC at Sikkim.

Analysts Rated Union Pacific Corporation (UNP) as Buy
Susquehanna International Group Llp bought 927,400 shares as the company's stock declined 2.52% while stock markets rallied. Further, company shares have been seen trading -3.07% off of the 52 week high and 26.61% away from the 52 week low.

Podcast: Lakers beat Sixers on the road behind Brandon Ingram game-winner
And Julius Randle was terrific down the stretch with 16 points, giving Embiid and the Sixers fits off pick and rolls. The Los Angeles Lakers were in Philadelphia to take on the 76ers Thursday night, and it did not disappoint.

Professor talks moving Israel's capitol to Jerusalem
AP said the decision was devoid of justice, violated worldwide laws and infringed on the rights of Palestinians. Any sudden changes would cause irreparable harm.

Death Stranding gets even more freakish with its Game Awards trailer
As usual, and as you probably expected, the trailer leaves us with more questions than we had before and answers basically none. The mightily mysterious Death Stranding from Kojima Productions has just had new footage showcased at The Game Awards 2017.

Other news