Sensex rises 279 points; IT,finance stock shine

BENCHMARK INDICES FINISHED with smart gain Thursday as investors scooped up recently -battered stocks,led by information technology(IT) and financial counters,even as global markets reeled after the US escalated its trade conflict with china by imposing sanctions in telecom major Huawei.

After trading on tepid note throughout the session,the BSE senex surged in the last hour of trade to finish at 37,393.48 up by 278.60 points,orĀ  0.75 %.

Similarly,the broader NSE Nifty roseĀ  100.10 points,or 0.90%,to settle at 11,257.10.

IT, financial and banking stocks saw robust buying.

Bajaj finance was the biggest gainer in the Sensex pack,spurting 3.64%,after the company reported a jump of 50% in standalone net profit at 1,114 crore for the March quarter.

Tata Motors,Infosys,Vedanta,ONGC,Power Grid,NPTC ,Axis bank,ICICI Bank,Kotak Bank,Tata Steel,TCS and RIL rose up to 3.48%.On the other hand ,Yes Bank was the top loser,cracking 4.07%,followed by Bharti Airtel ,Indusind Bank,Coal india,ITC,M&M,HDFC,Maruti and Asian Pints,shedding up to 1.87%.

Global markets recoiled after US President slapped sanctions in Chinese telecom major Huawei,ratcheting up its trade tensions with Brijing.

“Market reversed from the oversold level supported by few green shoots in quarterly earnings and accumulation in beaten down blue-chips.However,global volatility continued due to economic growth concerns which led to shift in focus to safe-haven assets like bond and gold.The rally was broad based except pharma,which was impacted due to tepid results and USFDA observations”,said Vinod Nair,Head of Research,Geojit Financial Services.

Sectorally,the BSE oil and gas,reality,power,metal,IT,teck,bankex and finance indices ended up to 1.535 higher.

Source : Financial Express


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