Sensex closes just shy of 25k, soars 275 points to hit two-month high
Equities logged their third straight weekly rise on Friday after the benchmark BSE Sensex jumped by 275 points to 24,952.74 -- its over two-month high -- as foreign funds continued to pump in money amid a firm global trend on dovish stance of the US Federal Reserve.business Updated: Mar 18, 2016 20:12 IST
Equities logged their third straight weekly rise on Friday after the benchmark BSE Sensex jumped by 275 points to 24,952.74 -- its over two-month high -- as foreign funds continued to pump in money amid a firm global trend on dovish stance of the US Federal Reserve.
The broader NSE Nifty too recaptured the 7,600-mark.
Shares of IT major, TCS emerged as the top gainer among Sensex constituents with a rise of 3.21% to Rs 2,427.25 followed by GAIL at 3.13% to Rs 364.15.
Barring pharma, all the segments like power, telecom, realty, banking, infra and auto gained.
Both the indexes surged for a third consecutive week as BSE Sensex climbed by 234.75 points or 0.94% while NSE Nifty surged 94.15 points or 1.25%.
The rupee appreciating to an over two-month high against the dollar also boosted trading sentiment.
“Global central banks’ policy action has favoured the domestic market. The continuous inflow of foreign funds and pickup in the Chinese market has created a positive sentiment in the market,” said Vinod Nair Head of Fundamental Research at Geojit BNP Paribas.
The Sensex opened higher on Friday at 24,729.41 and moved between 24,986.94 and 24,681.64, before ending at 24,952.74, showing a sharp rise of 275.37 points or 1.12% - its highest closing since January 6.
The NSE Nifty rallied by 91.80 points or 1.22% to close at 7,604.35.
Sentiment was bullish on firm Asian cues on dovish US Federal Reserve stance, underpinned by continued capital inflows into emerging markets loomed over the momentum.
DLF’s scrip ended over 2% higher after the company sold its shopping mall at Saket in the national capital to its wholly-owned subsidiary for Rs 904.5 crore as part of the strategy to consolidate and monetise the rental assets.
Meanwhile, foreign investors bought shares worth a net Rs 744.49 crore on Thursday, provisional data showed.
Asian markets ended higher after US indexes closed higher overnight and oil prices hit their highest levels for this year while stronger Asian currencies against the dollar also aided the sentiment.
European shares also opened higher on dovish Federal Reserve statement.