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Tuesday, Oct 22, 2019

Sensex zooms by over 600 points, Nifty crosses 11,300

The 30-share Sensex was trading at 38,149.31 at 3.10 pm, up by 617 points. The broad-based Nifty touched 11,313.10 , up by 186 points.

business Updated: Oct 09, 2019 15:29 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Image for representation
Image for representation(Reuters file photo)
         

The Sensex surged by over 600 points in afternoon trade on Wednesday while Nifty crossed the 11,300 mark aided by the rallying of banking and financial stocks.

The 30-share Sensex was trading at 38,149.31 at 3.10 pm, up by 617 points. The broad-based Nifty touched 11,313.10 , up by 186 points.

ICICI Bank, State Bank of India and IndusInd Bank were among the top gainers and were trading over 4 to 5 per cent higher. The markets were closed on Tuesday for Dussehra.

Amid uncertainty over the US-China trade talks, the financial markets started on a cautious note on Thursday morning.

Trade talks between the US and China, the two biggest economies of the world, are likely to resume on Thursday. The negotiations, which have been the global markets’ most important catalyst for months, have weighed on investor sentiment.

In other Asian markets such as Shanghai, Hong Kong and Tokyo were trading lower, while those in Seoul were trading in the green. Shares on Wall Street ended lower on Tuesday. Brent futures, the global oil benchmark, fell 0.33 per cent to USD 58.05 per barrel.

Trading in Asia was hit after the US blacklisted a group of Chinese companies, claiming that their technology plays a role in the repression of China’s Muslim minority groups. The move by the US had led to escalation of tensions ahead of the crucial trade talks on Thursday.

Beijing had demanded that Washington lift sanctions and warned that it will “resolutely safeguard” China’s interests. The Chinese commerce ministry said the curbs were interference in the country’s affairs.

The latest escalation in tensions adds yet another worry for investors already anxious over political and economic concerns. Last week, the S&P 500 posted its first back-to-back losses of 1% this year as surprisingly weak numbers in surveys of manufacturing and service industries showed the trade war is threatening US economic growth.

First Published: Oct 09, 2019 14:56 IST

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