Sensex ends 440 points higher to hit fresh 52-week high, Nifty closes at 8,744 on positive global cues
"I think that the market is in a narrow trading range from 8,500-8,800. There will be fresh buys when the index comes down to 8,500 and profit-booking when the index hits the 8,800," said expert.
- Aug 30, 2016,
- Updated Aug 31, 2016 9:26 AM IST
The S&P BSE Sensex on Tuesday rallied 440 points to hit fresh 52-week high, while the broader Nifty50 settled the day above 8,740-mark, the highest since April 2015.
The headline indices advanced tracking Asian shares, which bounced as doubts the Federal Reserve really would hike interest rates as soon as September restrained the dollar, while investors continued to count on more policy stimulus elsewhere in the world.
Gains in auto and financial stocks and a slew of positive results including from property firm DLF also lifted sentiment.
The 30-share index ended the day at 28,343, up 440.35 points, while broad-based 50-share index quoted 8,744, up 36.90 points at close.
"I think that the market is in a narrow trading range from 8,500-8,800. There will be fresh buys when the index comes down to 8,500 and profit-booking when the index hits the 8,800-point mark," said RK Gupta, managing director of Taurus Asset Management.
Asian Paints was the top mover on the Sensex and surged 3.20 per cent on the BSE.
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Property-developer DLF was up as much as 3.2 per cent after saying net profit more than doubled in the June-quarter, while Indian Oil Corp rose as much as 1.62 percent after posting a 25 per cent increase in profit for the June-quarter.
Auto makers also got a boost on hopes of a sales rebound, with Maruti Suzuki and Bajaj Auto rising as much as 3.6 per cent and 3.8 per cent to hit record highs.
ALSO READ: Maruti Suzuki shares hit fresh record high, vroom above Rs 5000
(With inputs from Reuters)
The S&P BSE Sensex on Tuesday rallied 440 points to hit fresh 52-week high, while the broader Nifty50 settled the day above 8,740-mark, the highest since April 2015.
The headline indices advanced tracking Asian shares, which bounced as doubts the Federal Reserve really would hike interest rates as soon as September restrained the dollar, while investors continued to count on more policy stimulus elsewhere in the world.
Gains in auto and financial stocks and a slew of positive results including from property firm DLF also lifted sentiment.
The 30-share index ended the day at 28,343, up 440.35 points, while broad-based 50-share index quoted 8,744, up 36.90 points at close.
"I think that the market is in a narrow trading range from 8,500-8,800. There will be fresh buys when the index comes down to 8,500 and profit-booking when the index hits the 8,800-point mark," said RK Gupta, managing director of Taurus Asset Management.
Asian Paints was the top mover on the Sensex and surged 3.20 per cent on the BSE.
ALSO READ: Warren Buffett's six favourite business books you must read
Property-developer DLF was up as much as 3.2 per cent after saying net profit more than doubled in the June-quarter, while Indian Oil Corp rose as much as 1.62 percent after posting a 25 per cent increase in profit for the June-quarter.
Auto makers also got a boost on hopes of a sales rebound, with Maruti Suzuki and Bajaj Auto rising as much as 3.6 per cent and 3.8 per cent to hit record highs.
ALSO READ: Maruti Suzuki shares hit fresh record high, vroom above Rs 5000
(With inputs from Reuters)