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Markets surge on global growth recovery optimism
Markets snapped two-day losing streak and ended higher on Thursday as investors bought technology shares amid hopes of improvement in quarterly profits as rupee weakened.
The rupee lost some ground against the dollar amid dollar purchase by banks.
The currency is currently trading at Rs 60.24 compared with previous close of Rs 60.22.
It touched a high of Rs 59.90 intra-day per dollar.
Global risk appetite was firm on hopes of growth recovery in US ahead of US non-farm payrolls report and European Central Bank meet to decide on the monetary policy.
Mirroring the optimism, the 30-share Sensex closed up 233.08 points at 19,410.84 and the 50-share gained 66.05 points at 5,836.95 levels.
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Markets surge on global growth recovery optimism
Asian stocks traded cautious ahead of the key events including the European Central Bank meeting and the US non-farm payrolls report loomed.
US equity markets are shut today on Independence Day.
Nikkei dropped 0.26% to 14,018, Singapore Straits Times rose 0.7% to 3,152, China’s Shanghai Composite index was up 0.5% at 2,006 while Hong Kong’s Hang Seng gained 1.5% to 20,468 today.
European shares snapped a two-day decline and the euro weakened before the region’s central bank sets interest rates.
France’s CAC rose 0.75 to 3,728, Germany’s DAX gained 0.5% to 7,872 and UK’s FTSE was up 0.7% to 6,278.
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Markets surge on global growth recovery optimism
Back home, IT, FMCG, realty, healthcare and technology index gained while metal sector dropped on the BSE.
The gainers included counters such as ITC rising 3.6%, Tata Power gaining 3.7%, TCS added 3.2%, HUL rose 2.7% while Tata Motors was up 3% on the BSE.
The laggards were BHEL shedding 1.7%, Sterlite Industries dropped 1.3%, Tata Steel declined 1.6% each while Bajaj Auto was down 1% on the BSE.
The key stock movers included counters such Hindustan Unilever (HUL) that moved higher by 2.3% at Rs 601 on the National Stock Exchange NSE as the open offer by its parent company closes today.
Ashok Leyland dipped 8% to Rs 18.60, its lowest value since August 2009 on BSE, after it reported 32% year-on-year (yoy) drop in total sales at 6,967 units during the month of June 2013.
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Markets surge on global growth recovery optimism
The commercial vehicles maker had sold 10,146 units in the same month of previous year.
Shares of information technology companies are in limelight on the bourses gaining up to 4% on the bourses as a weakening rupee against the US dollar boosts sales of software firms in rupee terms.
Shares of HCL Technologies have rallied nearly 4% at Rs 798, while Hexaware Technologies and Tata Consultancy Services rose between 3-4 at Rs 91 and Rs 1,534 respectively on the Bombay Stock Exchange.
Bharti Airtel moved higher by 2% at Rs 301 after the company said it has subscribed to an additional 2% equity share capital in all the four India BWA entities of Qualcomm AP.
The broader markets ended higher with mid-caps and small-caps gaining 0.3-0.6 per cent on the BSE.
The market breadth was mixed. Out of 2,430 stocks traded, 1,253stocks advanced while 1,040 declined on the BSE.
