Sensex soars 750 factors as traders cheer Q3 GDP information
Image Source : PTI Sensex soars 750 factors as traders cheer Q3 GDP information
The benchmark BSE Sensex surged almost 750 factors and NSE Nifty rallied over 232 factors on Monday as traders cheered the home economic system returning to optimistic territory after two-quarters of contraction. The 30-share BSE index briefly traded above the 50,000-mark in the course of the mid-session, earlier than ending at 49,849.84, exhibiting an increase of 749.85 factors or 1.53 per cent.
Likewise, the NSE barometer Nifty settled with a achieve of 232.40 factors or 1.60 per cent at 14,761.55. Of the Sensex constituents, 29 closed with beneficial properties.
Top performers had been PowerGrid, ONGC, Ultratech Cement, Asian Paint, Kotak Bank and Titan – rising as a lot as 5.94 per cent.
After two consecutive quarters of contraction, the Indian economic system has lastly entered an expansionary path.
The Gross Domestic Product (GDP) grew 0.4 per cent within the October-December 2020 interval in contrast with the identical interval a yr again, information launched by the National Statistics Office on Friday confirmed.
Analysts stated, the high-frequency indicators had been pointing in direction of the truth that the home economic system is slowly getting into the restoration path.
On Friday,the BSE Sensex had crashed 1,939.32 factors or 3.80 per cent – its worst one-day fall since May 4 final yr. Similarly, the broader NSE Nifty had plunged 568.20 factors or 3.76 per cent – its greatest single-day drop since March 23 final yr.Foreign traders had offered equities value Rs 8,295.17 crore on a internet foundation on Friday, as per change information.Elsewhere in Asia, bourses closed considerably increased amid some stability in bond markets after final week’s turmoil. Further, progress within the US stimulus bundle additionally lent some help to investor sentiments globally.Meanwhile, the worldwide oil benchmark Brent crude was buying and selling 0.88 per cent decrease at USD 65.39 per barrel.On the foreign exchange market entrance, the rupee dropped 8 paise to finish at 73.55 in opposition to the US greenback. PTI MKJ MRMR
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