Sensex moves up 266 points on firm global cues

Sensex moves up 266 points on firm global cues

Agency News

Mumbai, Ju1 11 : The benchmark index of Bombay Stock Exchange (BSE) bounced back on Thursday by 266.07 points to end positive at 38,823.11 on firm global cues after US Federal Reserve chairman Jerome Powell hinted at a possible rate cut later this month.

The Nifty of National Stock Exchange (NSE) too jumped by 84 points to 11,582.90. The Sensex, which had slid by 173 points on Wednesday, opened up by 214 points at 38,751.62, in early trade. It remained in green zone throughout the day as it touched the day's high of 38,892.50 points, before closing at 38,823.11, up by 266.07 points compared with its last close.

The Nifty registered day's high and low at 38,892.50 and 38,631.31 points, respectively.

The gains in sectoral indices like Consumer Discretionary Goods & Services, Auto, Bankex, Realty and Telecom pushed the Sensex up, along with scrips of HeroMoto Corp, Tata Motors DVR, Tata Motors, IndusInd Bank and SBI.

While, sell-off in Tech Mahindra, ICICI Bank, Yes Bank and TCS capped its further gains, brokers informed. he broader markets outperformed the Sensex, as the S&P BSE Mid-Cap index and Small-Cap jumped up by 0.56 per cent and 0.41 pc. respectively. The market breadth was positive on BSE, as 1,245 shares advanced versus 1,193 fell and 158 were unchanged.

Globally, the world stocks rose, while global bond yields fell and the dollar weakened after Federal Reserve chairman Jerome Powell bolstered expectations the Fed would cut US interest rates soon. Japan's Nikkei ended 0.15 per cent lower, while South Korea's Kospi settled 0.33 pc higher.

The sectoral indices led by Telecom, Auto, Bankex, Realty, Telecom and Materials increased by up to 1.84 per cent.

Index pivotals that moved up were JSW Steel, IndusInd Bank, HDFC, HDFC Bank and Reliance Industries, rising by up to 4.28 pc. Media stocks were in demand. Among them were Zee Entertainment, Balaji Telefilms, Siti Networks, Zee Media Corp, Prime Focus, Sun TV Network, TV18 Broadcast and Network 18 Media Investments, suring by up to 7.54 pc.

Auto stocks led by Hero MotoCorp, Mahindra & Mahindra, Escorts, Maruti Suzuki, Bajaj Auto, Eicher Motors and Ashok Leyland, climbing by up to 4.62 pc. (UNI)