Nifty zooms 219 points on rupee gain, positive data
Shares staged a stunning rally on frenzied buying triggered by a slew of positive domestic as well as global factors with the NSE benchmark CNX Nifty skyrocketing by a massive 216 points Tuesday.
Mumbai: Shares staged a stunning rally on frenzied buying triggered by a slew of positive domestic as well as global factors with the NSE benchmark CNX Nifty skyrocketing by a massive 216 points Tuesday.
A series of RBI measures to stabilise the rupee and hopes of more market-friendly steps cheered investors and helped the market to post fourth straight session of gains.
The all-round buying saw all sectoral indices surging. FMCG, auto, financial, technology, healthcare, infra, energy, capital goods and metal shares were on the forefront of the impressive rally.
After an extended weekend, trading began on a strong note, aided by sustained recovery in the rupee and positive global cues.
The buoyancy was maintained throughout the day with the 50-share index briefly breaching the 5,900 mark in late afternoon after the trade data for August was released.
The overall sentiment was also bolstered by strong buying from foreign institutional investors (FIIs) after recent sell-off on heightened macroeconomic uncertainty.
Meanwhile, India's trade deficit narrowed to USD 10.9 billion in August from USD 14.7 billion in the same month last fiscal, while exports rose 12.97 per cent to USD 26.14 billion last month and imports dipped 0.68 per cent to USD 37 billion.
Receding fears over an imminent US military strikes against Syria also contributed to the upbeat sentiment in India and other Asian markets.
Elsewhere in Asia, stocks rallied to multi-month highs buoyed by an impressive macro-economic data from China.
The Nifty surged by 216.35 points, or 3.81 per cent, over its last close to end at 5,896.75. The NSE barometer hit a high of 5,904.85 in intra-day trade.
Tata Motors topped the gainers' list, rallying 10.01 per cent on back of robust August sales data from its UK subsidiary Jaguar Land Rovers. Bharti Airtel, Ambuja Cement, HeroMoto, ACC, JP Associates, Sesa Goa, ITC and UltraTech and L&T were other prominent gainers from the index pack.
Key losers included, NMDC, BPCL, Bank of Baroda, Dr Reddy's, Cairn, Lupin, SBIN, IndusInd Bank and GAIL.
Turnover in the cash segment jumped to Rs 15,080.13 crore from 13,444.54 crore last Friday. A total of 7,079.11 lakh shares changed hands in 75,49,939 trades. The market capitalisation stood at Rs 62,54,617 crore.