Sensex rallies 353 points; Nifty reclaims 12K

NSE Nifty rose 109.50 points.

Extending its gains for the third consecutive session, market benchmark Sensex rallied 353 points on Wednesday as reports of a breakthrough in coronavirus treatment enthused global investors.

Domestic participants also cheered improving business sentiment after a survey said India’s services sector activity surged to a seven-year high in January.

The 30-share BSE Sensex settled 353.28 points, or 0.87%, higher at 41,142.66. It hit an intra-day high of 41,154.66.

Similarly, the broader NSE Nifty rose 109.50 points, or 0.91%, to 12,089.15.

Tata Steel was the top gainer in the Sensex pack, rallying 5.14%, followed by Bharti Airtel, HDFC, TCS, L&T, SBI and Reliance Industries.

On the other hand, Hero MotoCorp was the top laggard, shedding 3.83%. PowerGrid, Maruti, Asian Paints and Nestle India too ended with losses.

According to experts, reports of a significant breakthrough in coronavirus treatment research has boosted global stocks.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled up to 1.25% higher.

Stock exchanges in Europe too opened on a strong note.

Back home, the release of stellar business data points for January too buoyed market mood, they said.

India’s services sector activity surged to a seven-year high in January driven by sharp increase in new business orders, leading to job creation and business optimism amid favourable market conditions, a monthly IHS Markit survey said.

Earlier this week, another survey said the country’s manufacturing sector activity climbed to a near eight-year high in January.

Meanwhile, Brent crude oil futures advanced 2.76% to USD 55.45 per barrel.

On the currency front, the Indian rupee appreciated by 2 paise to 71.23 per US dollar (intra-day).

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Printable version | Feb 27, 2020 7:45:08 AM |

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