Tuesday , November 29 2016
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Sensex settles session at 26,786; Nifty at 8,119

sensex

Mumbai :Rally in global markets today on likely Fed rate hike delay and increased overseas fund inflows pushed up the domestic stock market by most in nearly nine months and the rupee to a seven-week high against the dollar.

Meanwhile, gold fell by Rs 210 to Rs 26,600 per 10 grams.

The market benchmark Sensex, which has been on the upmove since the Reserve Bank announced bigger-than-expected rate cut of 0.50 per cent on September 29, posted its biggest single day gain in nine months since January 15, of 564.60 points, or 2.15 per cent.

The index settled the session at 26,785.55, its highest closing since August 21. The gauge has now rallied 1,168.71 points in four straight sessions.

The 50-share NSE Nifty too surged by most in nine months with a rise of 168.40 points or 2.12 per cent to 8,119.30.

The rally was a part of the smart upmove seen in global stocks triggered by expectations that the US Federal Reserve will delay the first interest rate hike in almost a decade in wake of a lackluster US jobs data.

Furthermore, optimistic buying ahead of the earnigns season that begins next week, too buoyed sentiments.

In the process, total investor wealth of BSE-listed firms went up by Rs 1,84,664.63 crore to Rs 98,39,357 crore.

All the BSE sectoral indices led by capital goods, infra and bankex ended in the green, reflecting all-round buying activity, rising up to 3.28 per cent.

Keeping with the overall trend, broader market BSE mid-cap rose 1.79 per cent, while BSE small-cap edged up by 1.62 per cent.

Globally, most Asian markets closed up and European indices were trading firm, tracking Friday’s gains on the US markets.

In sync with local equities, the rupee also strengthened by 22 paise, to close at seven-week high of 65.29 against US dollar at the Forex market.

Gold prices in the national capital fell by Rs 210 to Rs 26,600 per 10 grams today due to low demand from jewellers amid a weak global trend and strengthening rupee.

Globally, in London, gold was trading 0.59 per cent down at USD 1,131.70 an ounce and silver was almost flat at USD 15.26 an ounce.

The US dollar ended cheaper against the rupee at 65.29/30 per dollar and the pound sterling also finished lower at Rs 99.18/20 per pound at the close of the Interbank Foreign Exchange market today.

PTI