Advertisement

HindustanTimes Sun,21 Dec 2014

Sensex jumps 285 points onrate cut hopes

PTI  Mumbai, April 18, 2013
First Published: 10:13 IST(18/4/2013) | Last Updated: 22:23 IST(18/4/2013)

The Sensex on Thursday reclaimed the 19000- level after two weeks by surging 285 points, or 1.5%, to close at 19017 points, on the back of strong gains in interest-rate sensitive stocks amid hopes of a bigger-than-expected interest rate cut next month and the government announcing measures to boost exports in the Foreign Trade Policy (FTP).

Advertisement

The NSE Nifty rose by 94 points, or 1.7%, to end at 5,783.

“The Sensex has been buoyant this week largely on the back of renewed economic optimism driven by the fall in gold and crude oil prices,” said Sanjeev Zarbade, vice president, private client group research, Kotak Securities. “The softening of prices in these commodities is expected to relieve pressures on external trade deficit. Apart from this inflation data surprised on the downside.

Better-than-expected trade data also aided sentiments. India’s exports went up for the third straight month in March, offering some relief to the record current account deficit front.

Interest-rates related stocks including HDFC, ICICI Bank, HDFC Bank and SBI attracted good buying support on hopes of rate cut by the RBI in monetary policy review on May 3.


Advertisement
more from Business

Year-end high: Flipkart announces $700 million funding

Flipkart, India’s largest e-commerce marketplace, on Saturday announced a US $700 million (Rs 4434 crore) investment even as 2014, the year that has seen huge fund flow into India’s rising consumer internet industry, is about to end.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved