losangelesnewstoday.com May 21, 2018

Sensex vaults 213 points ahead of economic data, earnings

12 April 2017, 03:26 | Maryann Sutton

Earlier last week Nifty 50 made a new all-time high of 25,740.75 points rising 7,048.4 points from 18,656.35 points a year ago


The benchmark BSE Sensex closed down 0.44 percent at 29,575.74, its lowest since March 29.

However, gains were capped due to caution over the rising tensions in the Middle East and political uncertainty in Europe.

Snapping its three-day losing run, the benchmark BSE Sensex today zoomed by about 213 points to close at 29,788 on investor optimism about March quarter earnings amid mixed global cues.

At NSE, shares of the company rose sharply by 9 per cent to close at Rs 159.35.

United States stocks closed fractionally higher yesterday amid geopolitical tensions, while investors looked ahead to the start of earnings season.

"Gains were led by index heavyweights ITC, ICICI Bank, Infosys and L&T". "The rupee reversing some of its losses and approaching Infosys Q4 results propped up IT stocks".

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"India's IIP and CPI releases tomorrow will keep market interested, but may not make a strong move until Q4 numbers start flowing in".

Market breadth was positive with 1,622 advances against 1,102 declines. The rupee was trading at 64.665 up by 0.067 paisa or 0.10% against dollar.

Healthy buying was witnessed in banking, IT and pharma stocks.

Among the prominent gainers, SBI, Larsen & Toubro, ICICI Bank, Power Grid Corp and ITC rallied 2-3 percent.

Meanwhile, the foreign funds sold net Rs 716.19 crores yesterday, as per the provisional figure issued by stock exchanges.

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