Zee Media Bureau
New Delhi: The market was on fire on Tuesday with the Sensex soaring 521 points, its biggest single-day gain in nearly five months. In the process, it also reclaimed the 28,000-mark.
This gain by the Sensex comes as a surprise considering that it had fallen to a 3-month low in Monday due to muted Q2 earnings and fear of US rate hike.Moreover, pandits had earlier predicted that quarterly earnings of companies would determine the markets in the coming week.
So, what made the Sensex to zoom over 500 points all of a sudden?
Various factors appeared to have played a major role in it.
Let's take a look at some of major factors that played a roll in the super Tuesday market roll.
- With the GST Council meeting underway to decide on rates, investors were optimistic of positive announcements from the meet.
- Inflation at 13-month low leading to expectations that RBI was in comfort zone and could usher in lower borrowing costs.
- Fall in US manufacturing index means that the Federal Reserve is unlikely to hike interest rates.
- Private lenders were in the limelight with ICICI Bank gaining 4.58 percent, Axis Bank rose 2.59 percent, HDFC Bank 1.58 percent while SBI gained 1.50 percent.
- 28 of the 30 scrips ended with gains except for ONGC and Asian Paints