Highlights! Stock Market Today: Indices snap 7-day losing streak; Sensex jumps 1000 points, Nifty settles around 17100
Highlights! Stock Market Today: Indices snap 7-day losing streak; Sensex jumps 1000 points, Nifty settles around 17100
Stock Market Live News Today: The Indian markets snapped a seven-day declining trend to end positive as the Reserve Bank of India announced a rate hike of 50 basis points during its September bi-monthly policy. The Sensex jumped almost 1000 points, while the Nifty closed near 17100-mark today.
At the market close, the BSE Sensex gained 1016 points or 1.8 per cent to 57,427, while Nifty50 surged by 276 points or 1.64 per cent to 17,094 levels. Following the benchmarks suite, the broader markets such as the Nifty mid and small-cap each gained over 1.5 per cent at the close.
The 12-share banking index – Nifty Bank gained most of the sectoral indices, up 984 points or 2.6 per cent to 38,632, led by private lenders such as IndusInd Bank and Kotak Bank.
According to several analysts, the markets have drawn comfort from expectations that the RBI may be nearing the end of the rate hike cycle in India. And, could also be seen as the reason for the massive surge after seven declining sessions on Friday.
As many as 40 stocks advanced and 9 declined on the Nifty50 index. Hindalco become a top Nifty gainer, followed by Bharti Airtel, IndusInd Bank, Bajaj Finance, and Kotak Bank. Conversely, Asian Paints dipped most to become the top Nifty loser, followed by Coal India, Dr Reddy, Britannia, and ITC.
Almost all sectoral indices were in the green at the market close. Nifty Bank, Financial, and Metal each gained over 2 per cent, while Auto and Realty were up around 2 per cent at the close.
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