Sensex closes 294 points higher, Nifty above 10,500; Realty, power led recovery
Strong corporate earnings, led by Tata Steel, and a firm trend on other Asian and European bourses following a good show by Wall Street on Friday lifted mood of investors in domestic markets.business Updated: Feb 12, 2018 16:24 IST
The BSE benchmark Sensex rebounded by about 295 points to finish at 34,300 and the NSE Nifty 50 reclaimed the 10,500 level on Monday as investor sentiments were buoyed by robust corporate earnings and positive global cues.
Investors heavily bought into recently battered power, realty, capital goods and banking stocks amid continued buying by domestic funds and retail investors ahead of inflation data to be released after market hours today.
Strong corporate earnings, led by Tata Steel, and a firm trend on other Asian and European bourses following a good show by Wall Street on Friday lifted mood of investors in domestic markets.
Oil prices were up after sinking on Friday for a sixth straight day and the rupee also appeared to be on the recovery path, adding to revived sentiments.
After opening on a strong footing, the BSE Sensex advanced to hit a fresh high of 34,351.34 on the back of continued buying by domestic funds and retail investors but later declined to 34,115.12 on profit booking.
It finally settled 294.71 points, or 0.87%, higher at 34,300.47. The index had lost 407.40 points, or 1.18%, to settle at a one-month low of 34,005.76 on Friday, weighed by weak global stocks.
The broader NSE Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81%.
Brokers said sustained buying by domestic institutional investors ahead of inflation data to be released after market hours today improved the market sentiment.
Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1,351.70 crore on Friday, provisional data showed.
On the macro front, the government will announce inflation data based on consumer price index (CPI) for January and industrial production data for December 2017 to be released later in the day.