Sensex today: Index jumps massive 610 points; Bharti Airtel, NTPC top gainers
Sensex today: The government will announce inflation data based on consumer price index (CPI) for February and industrial production data (Index of Industrial Production, IIP) for January later in the day.
Sensex today: The benchmark indices had a marvellous Monday with the Nifty50 reclaiming its crucial 10,600 mark, logging best gains in last one year ahead of consumer price index (CPI)-based inflation data due later in the day. A rally in global markets after a US jobs report assuaged fears around inflation and faster rate hikes, also contributed to the gains. The Sensex settled the day at 33,917, up 610.80 points, while the broader Nifty50 ended at 10,421, up 194.55 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices 0.7 per cent, and 0.6 per cent, respectively. Market breadth, indicating the overall health of the market, remained marginally positive. On the BSE, 1,364 stocks gained, 1,344 stocks slipped, while 192 stocks remained unchanged.
CPI inflation is expected to ease to a four-month low in February on softening prices for vegetables and other perishable foods, but will probably stay above the central bank’s target, a Reuters poll showed.
Global shares rallied after US data showed non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation and speculation the Federal Reserve would project four rate hikes instead of the current three.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.3 percent higher, for a third session of gains.
Last week, the Indian equity markets were engulfed by bears as global trade war fears following US President Donald Trump`s proposal to impose tariff on import of metals, along with the turmoil in the domestic banking sector, continued to erode the risk-taking appetite of investors.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 739.8 points or 2.17 per cent to close at 33,307.14 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,226.85 points -- down 231.5 points or 2.21 per cent from its previous week's close.
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Nikhil Kamath, Co-Founder and Head of Trading, Zerodha
Markets opened the session higher on the back of positive global cues and continued to rally throughout the session, closing with gains of over 2 per cent for the session. Banks which lagged in the earlier part of the session rebounded at the close to end higher as well, Bharti and IOC were the highest performers of the session. Market sentiment seems to be reversing from the short-term downturn; the near-term outlook has is slowly changing to the upside again. FII selling has also taken a break; we recommend going long for the short-term with a stoploss of 10,200 levels at the bottom.
PSU Bank index bucks trend
Source: NSE
Sensex at day's high, Nifty nears 10,400
At 2:54 pm, the Sensex was trading at 33,809, up 501.87 points, while the broader Nifty50 was ruling at 10,387, up 160.80 points.
Nifty outlook by Angel Broking
With a broader perspective, we would continue with our ‘sell on rise’ approach. Before this, 10,140-10,350 has become a no trade zone for the market. If any negativity has to resume, it would only happen after violating the 10140 mark. Hence, the ideal scenario to initiate short position would be either below this crucial junction or after seeing a decent relief rally towards the higher end i.e. 10350 – 10400. As of now, we do not expect the Nifty to surpass these hurdles in coming days. On the downside, the index is likely to first slide towards 10033 and then a possibility of entering sub-10,000 levels cannot be ruled out.
Sensex heatmap at open
Source: BSE
Markets at open
At 9:30 am, the Sensex was trading at 33,593, up 286.80 points, while the broader Nifty50 was ruling at 10,318, up 91.55 points.
Rupee at open
Rupee opens at 64.95 per dollar against Friday’s close of 65.17 per dollar
Pre-open trade
The Sensex was trading at 33,468, up 161.02 points, while the broader Nifty was ruling at 10,301, up 74.75 points in pre-open trade.
Wall Street on Friday
To celebrate the bull market’s ninth birthday on Friday, the three major U.S. stock indexes climbed almost 2 percent and the Nasdaq closed at a record high, as February’s jobs report assuaged fears of inflation and aggressive interest rate hikes. A month ago, the market had been spooked by wage growth that fueled inflation fears, leading to a spike in volatility and a stock market correction. That sentiment has reversed over recent weeks with the market gradually nudging higher.
The bull market, which began on March 9, 2009, is the second longest on record, leading to questions about how much longer it can last.
The Dow Jones Industrial Average rose 440.53 points, or 1.77 per cent, to end at 25,335.74, the S&P 500 gained 47.6 points, or 1.74 per cent, to 2,786.57 and the Nasdaq Composite added 132.86 points, or 1.79 per cent, to 7,560.81.
Asian markets
A relief rally swept across Asian share markets on Monday after the latest US jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 per cent. Japan's Nikkei jumped 2 percent, while South Korea rose 0.8 percent. Australia’s main index climbed 0.9 percent and E-Mini futures for the S&P 500 added another 0.23 percent.
Markets on Friday
The Sensex, which remained in the positive zone for the major part of the session, hit a high of 33,519.49 but succumbed to a late sell-off to end at 33,307.14, down 44.43 points, or 0.13 per cent. The broad-based NSE Nifty, after shuttling between 10,296.70 and 10,211.90, finally ended 15.80 points, or 0.15 per cent down at 10,226.85.
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