Sensex jumps over 260 points, Nifty comfortably above 11,500-mark

Mumbai, PTI | Updated : 11 July 2019, 04:03 PM
Share market (Representational Image)
Share market (Representational Image)

Equity benchmark BSE Sensex rose 266 points on Thursday, led by metal, auto and financial stocks amid positive global market sentiment after US Federal Reserve Chairman Jerome Powell hinted at a rate cut later this month.

After rising as much as 335 points during the day, the 30-share index settled 266.07 points or 0.69 per cent higher at 38,823.11. The index hit an intra-day high of 38,892.50 and a low of 38,631.31. Similarly, the broader NSE Nifty ended 84 points, or 0.73 per cent, higher at 11,582.90. During the day, it touched a high of 11,599 and a low of 11,519.50.

READ | IndiGo row: Rahul Bhatia's group says all deals done at 'arms length'

Hero MotoCorp was the top gainer in the Sensex pack, spurting 4.46 per cent. IndusInd Bank, Tata Motors, Vedanta, SBI, M&M, Sun Pharma, Tata Steel and HDFC twins too rose up to 3.63 per cent. On the other hand, Tech Mahindra, Yes Bank, TCS, L&T, Axis Bank and NTPC fell up to 1.27 per cent.

"Indian markets opened positively for the first time post budget, taking cues from Asian markets which ended with handsome gains after US Fed signalled at interest rate cut soon in the face of some weakening economic data," said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers.

READ | HDFC warns against online banking fraud: Here’s all you need to know

In his congressional testimony on Wednesday, Powell confirmed that the US economy was still under threat of a slowdown, and that the Fed was ready to "act as appropriate" to boost growth. Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi ended in the green. Equities in Europe were also trading higher in early deals.

On the currency front, the Indian rupee appreciated 14 paise to 68.43 against the US dollar (intra-day). The global oil benchmark Brent crude futures rose 0.61 per cent to USD 67.42 per barrel.

First Published: Thursday, July 11, 2019 03:47 PM
For all the latest Business News Download the News Nation App available on Android and iOS.