Sensex climbs 2.3% buoyed by global rally, upbeat macro data

Index posts biggest single-day gain in a month on back of financial, energy stocks

Continuing their winning run for the third session in a row, the BSE Sensex surged almost 1,148 points to breach the 51,000-level and the NSE Nifty recaptured the 15,200-mark on Wednesday, powered by intense buying in financial and energy stocks.

At the close, the 30-share Sensex was up 1,147.76 points, or 2.28%, at 51,444.65 — the biggest single-day rise since February 2. Likewise, the NSE Nifty climbed 326.50 points, or 2.19%, to end at 15,245.60, with 43 of its constituents closing in the green.

Over the last three sessions, the Sensex has risen by 2,344.66 points, or 4.77%.

The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank.

Bajaj Finserv rose the most by 5.15%.

Reliance rose by 4.52% a day after Reliance Jio picked up 488.35 MHz of spectrum in bands such as 800 MHz, 1800 MHz and 2300 MHz for ₹57,122.65 crore.

Bharti, which bid about ₹18,699 crore to pick up 355.45 Megahertz, rose by 0.92 %.

“Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth,” said Vinod Nair, Head of Research at Geojit Financial Services. “The Indian market was on a rising streak echoing the global sentiment,” he added.

Meanwhile, a monthly survey showed India’s services activity expanded at the fastest rate in a year during February amid improved demand and more favourable market conditions.

You have reached your limit for free articles this month.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.


A one-stop-shop for seeing the latest updates, and managing your preferences.


We brief you on the latest and most important developments, three times a day.

Support Quality Journalism.

*Our Digital Subscription plans do not currently include the e-paper, crossword and print.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.