New Delhi ,DEC 5
Rising for the fifth straight day, benchmark BSE Sensex spurted by 809 points in a choppy trade on Thursday a day ahead of the announcement of the RBI policy review.The 30-share BSE benchmark Sensex jumped 809.53 points, or 1 per cent, to settle at 81,765.86. During the day, it soared 1,361.41 points, or 1.68 per cent, to 82,317.74 but pared gains in the pre-close session on profit-taking by investors. The NSE Nifty surged 240.95 points, or 0.98 per cent, to 24,708.40.Analysts said benchmark indices maintained their winning run for the fifth day following buying in IT stocks and a rally in the US markets.From the 30-share Sensex pack, Tata Consultancy Services, Titan, Infosys, Bharti Airtel, Bajaj Finance, ICICI Bank, HCL Technologies, and Tech Mahindra were the biggest gainers.NTPC and Asian Paints were the laggards. “Dow moving past 45,000 for the first time is an indicator of the strength of the US market rally. The macro construct in the US — strong growth and declining inflation support this rally.“The Fed chief Powell’s remark yesterday that the ‘economy is in remarkably good shape’ is a shot in the arm for the US bulls,” VK Vijayakumar, chief investment strategist, Geojit Financial Services, said.The BSE midcap gauge climbed 0.27 per cent and the small cap index went up by 0.16 per cent.As many as 2,141 stocks advanced while 1,825 declined and 117 remained unchanged on BSE.Among sectoral indices, BSE Focused IT soared the most 1.96 per cent, while teck jumped 1.92 per cent, IT by 1.81 per cent and telecommunication 0.95 per cent. Bankex (0.68 per cent) and consumer durables (0.66 per cent) also advanced.BSE services and realty emerged as the laggards.In the past five trading days, the BSE benchmark has jumped 2,722.12 points or 3.44 per cent.FIIs turning buyers is positive for markets, particularly for large caps, analysts said. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,797.60 crore on Wednesday, according to exchange data.The RBI Monetary Policy Committee headed by Governor Shaktikanta Das will announce its policy review on Friday.“The recent market surge has already factored in potential support from RBI, making the market’s reaction to Friday’s outcome crucial. While the IT and banking sectors continue to drive the index higher, broader sectoral participation will be essential for extending this rally,” Ajit Mishra – SVP, Research, Religare Broking Ltd said.In Asian markets, Tokyo, and Shanghai settled higher while Seoul and Hong Kong ended lower. European markets were trading higher. US markets ended in positive territory on Wednesday.Global oil benchmark Brent crude went up 0.53 per cent to USD 72.68 a barrel.The BSE barometer climbed 110.58 points, or 0.14 per cent, to settle at 80,956.33 on Wednesday. The Nifty went up marginally by 10.30 points, or 0.04 per cent, to 24,467.45.
