Sensex mimics global markets, rises 600 points

Ivan Schwartz
March 13, 2018

The broader NSE Nifty closed 1.9 percent higher at 10,421.40, while the benchmark BSE Sensex was up 1.83 percent at 33,917.94.

In the global markets, a relief rally swept across Asian share markets after the latest USA jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes. Investors are positive on blue chips on expectation of faster recovery. The BSE mid-cap index ended higher by 0.76 per cent and small-cap index 0.56 per cent.

"Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as worldwide trade-war concerns abated and were replaced by economic optimism following a stronger USA jobs report released over the weekend", said Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

The gains followed Wall Street, where the Dow jumped 1.77 percent, while the S&P 500 gained 1.74 percent on Friday.

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Fed indicators: Headline inflation will be out on Tuesday followed by Wednesday's retail sales numbers which could provide more insight into the strength of USA growth. The index had lost 44.43 points in the previous session on Friday. "State-owned banks and midcaps were reluctant though, and markets look forward to CPI-WPI figures to get further boost", said an analyst. Shares in the other Asian markets rose, taking positive cues from Wall Street where shares ended nearly 2 per cent higher on Friday.

Jayant Manglik, President, Religare Broking, "the market opened gap up, tracking firm global cues and traded range bound in the first half".

Investor wealth on Monday rose by Rs 1.78 trillion, helped by a smart rally in the stock market, where the benchmark Sensex spurted by 611 points - its biggest single-day gain in two years. "Participants will react to macro-economic data - IIP and CPI inflation - in early trade on Tuesday". Rising bond yields, weak global markets and banking woes have led to the sell-off.

Meanwhile, foreign investors have started to buy Indian equities after heavy selling seen in February. While Rs 13,781 crore was invested in January 2018, Rs 11,037 crore was pulled out in February.

Other reports by GizPress

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