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Sensex ends five-session losing run; rallies 185 points on FBI relief for Hillary Clinton

Ending its five-session losing run, BSE benchmark Sensex Monday recouped nearly 185 points on positive global sentiments as chances of Hillary Clinton in the US election brightened following a relief from FBI in personal email server probe.


Sensex ends five-session losing run; rallies 185 points on FBI relief for Hillary Clinton

Mumbai: Ending its five-session losing run, BSE benchmark Sensex Monday recouped nearly 185 points on positive global sentiments as chances of Hillary Clinton in the US election brightened following a relief from FBI in personal email server probe.

The US elections and outcome speculation caused nervousness in global markets last week but the news of a reprieve, mere two days ahead of polls, for Clinton from FBI brought cheers for investors as the investigative agency did not find any material evidence for potential criminal charges.

Besides, domestic equities got a major push from covering-up by speculators, who had been creating short positions.

Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services Ltd, said, "Market reacted positively to the outcome of US FBI's clean chit to the Democratic presidential candidate. Investors expressed an interim relief in the midst of escalating worry in the final lap of election battle. Further, short covering on pharma, bank stocks has also supported the rally."

The Sensex opened gap-up at 27,552.27 and hovered between 27,591.15 and 27,398.72 before closing at 27,458.99, showing a gain of 184.84 points, or 0.68 percent.

The gauge had lost 667.36 points in the previous five sessions.

The Nifty after shuttling between 8,535.85 and 8,481.45 ended higher by 63.30 points, or 0.75 percent, at 8,497.05.

Buying activity was so strong that all the sectoral indices, except capital goods, ended in the green, rising by up to l.94 percent.

Tracking overall trends, broader markets were also in better shape with the small-cap surging 1.19 percent and the mid-cap index rising 0.59 percent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 343.30 crore on Friday, as per provisional data.

Globally, in the Asian region, Japan's Nikkei moved up 1.61 percent, Shanghai Composite was higher 0.26 percent, while Hong Kong's Hang Seng up 0.70 percent.

European markets also joined Asian markets as Frankfurt's DAX climbed 1.71 percent, while the Paris CAC rose 1.81 percent in their initial deals. London's FTSE too surged 1.37 percent. The US stocks futures too were trading in positive terrain ahead of Monday's market opening.

In the domestic market, 21 scrips out of 30 ended higher while only nine scrips closed lower.

Top gainer was Lupin with 6.93 percent rise to Rs 1,519. The company has announced it received a notification that the inspection carried out by USFDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupin's Goa facility.

Other gainers were: SBI 4.06 percent, ICICI Bank 3.36 percent, ITC 3.05 percent, Tata Steel 2.10 percent, Hero Motoco 2.05 percent, Adani Ports 1.77 percent, NTPC 1.40 percent, Axis Bank 1.32 percent and Coal India 1.03 percent.

Among the laggards were: TCS 2.18 percent, L&T 1.34 percent, HUL 1.09 percent, Tata Motors 0.94 percent and ONGC 0.85 percent.

Sector-sise, metal rose 1.94 percent followed by healthcare 1.89 percent, bankex 1.70 percent, realty 1.50 percent, FMCG 1.15 percent, finance 1.05 percent and oil & gas 0.83 percent.

While, telecom fell by 0.53 percent and capital goods 0.09 percent.

The market breadth turned positive as 2,020 stocks ended higher, 861 finished in red while 142 ruled steady.

Total turnover on BSE amounted to Rs 3,203.53 crore, lower than turnover of Rs 4,545.34 crore registered during the previous trading session. 

From Zee News

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