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Bull returns, Sensex up 629 pts
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SME Times News Bureau | 12 Dec, 2018
Buying at lower levels and hopes of an easing monitory policy with the
appointment of Shaktikanta Das as the new RBI Governor pushed the key
equity indices 1.8 per cent higher on Wednesday.
That apart, positivity in Asian markets also contributed to the gains by the domestic market.
According
to analysts, investors were optimistic over the appointment of Das as
the Reserve Bank head as it might lead to a more liberal monetary
policy.
All the sectors gained, led by financial and auto stocks
which advanced over 3 per cent, the highest increase among all the
sectors on BSE.
The Sensex settled higher by 1.79 per cent, or
629.06 points, at 35,779.07, from its previous close of 35,150.01. It
touched an intra-day high of 35,826.58 and a low of 35,167.47.
The Nifty50 advanced 188.45 points or 1.79 per cent to close the session at 10,737.60.
The
market breadth was positive as the number of advancing stocks was
thrice the declining ones. A total of 1,910 stocks advanced while 652
declined.
"The positivity is surprising but there is a
possibility that the markets are comfortable from the fact that either
the Congress or BJP will be dominant during the general elections,"
Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.
"...historically the economy has grown better with a majority or a coalition led by either BJP or Congress."
The
benchmark Brent Crude traded at $60.97 per barrel while the rupee stood
at 71.88 to a US dollar from its previous close of 71.85.
"With
the crude oil prices under control and no hike in interest rates, the
corporates are expected to post good results. The investors are now
shifting their focus from elections," said Astha Jain, a senior analyst
at Hem Securities.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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