Published: Tue, March 13, 2018
Tech | By

Value buying lifts equities; Sensex closes over 600 points up

Value buying lifts equities; Sensex closes over 600 points up

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,468.16 points, traded at 33,630.87 points - up 323.73 points, or 0.97 per cent, from the previous session's close.

Fed indicators: Headline inflation will be out on Tuesday followed by Wednesday's retail sales numbers which could provide more insight into the strength of US growth.

Posting its biggest single-day gain since March 2016, the battered BSE Sensex on Monday soared by 611 points following a relief rally in global markets on growing prospects for the United States economy.

The benchmark BSE Sensex was up 280 points or 0.84 percent at 33,585 after falling over 2 percent last week against the backdrop of the PNB fraud investigation.

Among Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.4 per cent. Japan's Nikkei jumped 2 per cent, while South Korea rose 0.8 per cent.

The US Labor Department said that non-farm payroll employment surged up by 313,000 jobs in February, the biggest gain since mid-2016.

Short-covering during the later part of the day also helped stocks as investors were seen buying metal, oil & gas, FMCG, banking, power, infrastructure, IT, auto and capital goods stocks.

Benchmark indices were in trading in the green, tracking robust global cues. It was indeed a surprise up-move but sustainability above 10400 will be crucial for further recovery.

The NSE Nifty50 fell by 15.80 points, or 0.15 per cent, to close at 10,226.85 points, while the BSE Sensex closed at 33,307.14 points - down 44.43 points or 0.13 per cent. Market participants are cautiously awaiting Consumer Price Index (CPI) and Index of Industrial Production (IIP) data. While Rs 13,781 crore was invested in January 2018, Rs 11,037 crore was pulled out in February.

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