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Home / Business News / Sensex soars over 290 points on heavy buying, shrugs off crude oil spike

Sensex soars over 290 points on heavy buying, shrugs off crude oil spike

The BSE Sensex rose 293 points to settle at 35,208.14. This is its highest closing since February 1, 2018, when it had finished at 35,906.66.

business Updated: May 07, 2018 17:41 IST
Press Trust of India
Press Trust of India
Press Trust of India, Mumbai
The BSE Sensex gauge had lost 261.04 points in the previous two sessions.
The BSE Sensex gauge had lost 261.04 points in the previous two sessions.(Hemant Mishra/Mint)

Equity benchmark BSE Sensex surged past the 35,000-mark on Monday, as earnings optimism and bargain hunting in recently-battered counters sparked a sustained mid-session upswing amid mixed overseas cues.

Fresh buying by domestic institutional investors and optimism ahead of some key earnings added to the momentum, brokers said.

The 30-share Sensex rallied almost 293 points to finish at 35,208.14, while the broad-based Nifty reclaimed the 10,700-level with a 97-point leap.

Globally, while Asian markets ended mixed despite a strong closing on Wall Street, US crude prices topped the $75 mark for the first time since 2014 on rising geopolitical concerns.

Back home, the BSE Sensex opened higher at 34,983.59 and hovered in a range of 35,259.81 to 34,977.74 before finishing at 35,208.14, showing a gain of 292.76 points or 0.84%.

This is its highest closing since February 1, 2018, when it had finished at 35,906.66. The gauge had lost 261.04 points in the previous two sessions.

The NSE 50-share Nifty spurted 97.25 points, or 0.92%, to 10,715.50 after shuttling between 10,725.65 and 10,635.65.

Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors offloaded equities worth Rs 1,628.23 crore on Friday, provisional data showed.

“Friday’s upbeat closing in Wall Street lifted the domestic sentiment, as weak US jobs data has further eased the prospects of a near term FOMC rate hike.

“Sustained FII selling in cash continues to be a limiting factor, but earnings positivity has kept the momentum in favour of the bulls so far. But persistent rise in oil continues to be a drag...,” said Anand James, Chief Market Strategist, Geojit Financial Services.

M&M was the biggest gainer in the Sensex kitty, rising 3.68%, followed by Axis Bank, which advanced 2.82%.

ICIC Bank jumped 2.30% ahead of its results.

Other gainers were Tata Steel 2.52%, HUL 1.91%, SBI 1.88%, RIL 1.88%, ONGC 1.83%, ITC 1.59%, Asian Paints 1.56%, Wipro 1.48%, L&T 1.33%, Kotak Mahindra Bank 1.06%, Adani Ports 0.99%, Power Grid 0.96%, Bajaj Auto 0.92%, Infosys 0.89%, Maruti Suzuki 0.73%, Yes Bank 0.61%, Bharti Airtel 0.35% and Tata Motors 0.24% and

However, Dr Reddy’s fell 1.75%, Coal India 1.64%, TCS 1.53%, Sun Pharma 1%, HDFC Bank 0.55%, Hero Motocorp 0.27% and NTPC 0.15%.

Among the sectoral indices, metal climbed 1.68%, oil and gas 1.64%, realty 1.51%, consumer durables 1.45%, auto 1.43, PSU 1.18%, infrastructure 1.13%, bankex 1.12%, capital goods 1.12%, FMCG 1.12% and power 0.50%.

Healthcare fell 0.53% and IT shed 0.01%.

The broader markets outperformed the benchmark. The BSE small-cap and mid-cap indices gained 0.56% and 0.55%, respectively.

Pfizer hit a fresh 52-week high ahead of its March quarter earnings.

Ruchi Soya rallied 7.09% as the race to acquire the debt-laden firm heats up.

Meanwhile, global oil prices reached their highest since November 2014, affected by a deepening economic crisis in Venezuela and uncertainty over the US re-imposing sanctions against Iran.

Brent crude oil futures were at USD 75.49 per barrel, up 62 cents, or 0.83%. Most oil and gas stocks jumped, including GAIL (3.93%), Oil India (2.57%), IOC (1.58%), BPCL (1.43%) and HPCL (0.86%).

Asian markets ended mixed despite a strong closing on Wall Street as investors digested last week’s trade talks between the US and China, while US jobs data eased fears of faster rate hike by the Federal Reserve.

Hong Kong’s Hang Seng gained 0.22% and Shanghai Composite Index was up 1.48%, while Japan’s Nikkei shed 0.03%.

In Europe, Frankfurt’s DAX rose 0.36% while Paris gained 0.09%