Sensex, Nifty close higher as bank stocks rally post demonetisation
The Sensex, which recovered some 1350 points yesterday rose 265 points to close at 27517 level. The Nifty too rose 93 points to 8525 level. The index stopped short of touching the 8600 level by two points intra day.
- Nov 10, 2016,
- Updated Nov 10, 2016 4:27 PM IST
The Indian market extended its relief rally a day after Donald Trump won the US Presidential election, tracking gains in the global market.
Demonetisation of Rs 500 and Rs 1000 notes boosted banking stocks since lenders expect huge cash deposits from people affected by the Modi government's surprise move.
The Sensex, which recovered some 1350 points yesterday rose 265 points to close at 27517 level.
The Nifty too rose 93 points to 8525 level. The index stopped short of touching the 8600 level by two points intra day.
"A strong optimism would be seen only above 8560. Until then we expect index to consolidate in a broad range, where the immediate support would now be seen at 8380 - 8300 levels," said an Angel Broking Report.
Welspun Corp was the top gainer, up 19.93 per cent on the BSE, followed by Indian Bank (18.16 per cent) and Bank of India (12.97 per cent).
Market breadth was positive with 2029 stocks advancing against 721 falling on the BSE.
The BSE Bankex was the top gainer (at 23185.59 points, a gain of 811 points) among indexes in terms of market capitalisation. Punjab National Bank (11.86 per cent), Bank of Baroda (9.03 per cent), SBI (8.41 per cent) and Federal Bank (5.51 per cent) were the top gainers on the BSE Bankex.
The Bank Nifty too gained around 2,200 points from its intra-day low yesterday. On Thursday, the index closed 682 points higher at 20200 level.Global markets European shares opened strongly, with France's CAC 40 jumping 1.2 percent to 4,596.34 and Germany's DAX leaping 1.2 percent to 10,776.93. Britain's FTSE 100 climbed 1.2 percent to 6,995.72.
U.S. shares were poised to open higher. Dow futures added 0.9 percent to 18,699.00 and broader S&P 500 futures advanced 0.8 percent to 2,178.50.
Japan's benchmark Nikkei 225 index rocketed 6.7 percent to close at 17,344.42 after sliding more than 5 percent the day before.
In other Asian trading, South Korea's Kospi advanced 2.3 percent to 2,002.60 and Hong Kong's Hang Seng added 1.9 percent to 22,839.11. The Shanghai Composite index in mainland China rose 1.4 percent to 3,171.28 and Australia's S&P/ASX 200 surged 3.3 percent to 5,328.80. India's Sensex climbed 1.6 percent to 27,690.21. The dollar also recovered in currency trading. It was at 105.74 yen after dropping to near 101 yen the day before.
The Indian market extended its relief rally a day after Donald Trump won the US Presidential election, tracking gains in the global market.
Demonetisation of Rs 500 and Rs 1000 notes boosted banking stocks since lenders expect huge cash deposits from people affected by the Modi government's surprise move.
The Sensex, which recovered some 1350 points yesterday rose 265 points to close at 27517 level.
The Nifty too rose 93 points to 8525 level. The index stopped short of touching the 8600 level by two points intra day.
"A strong optimism would be seen only above 8560. Until then we expect index to consolidate in a broad range, where the immediate support would now be seen at 8380 - 8300 levels," said an Angel Broking Report.
Welspun Corp was the top gainer, up 19.93 per cent on the BSE, followed by Indian Bank (18.16 per cent) and Bank of India (12.97 per cent).
Market breadth was positive with 2029 stocks advancing against 721 falling on the BSE.
The BSE Bankex was the top gainer (at 23185.59 points, a gain of 811 points) among indexes in terms of market capitalisation. Punjab National Bank (11.86 per cent), Bank of Baroda (9.03 per cent), SBI (8.41 per cent) and Federal Bank (5.51 per cent) were the top gainers on the BSE Bankex.
The Bank Nifty too gained around 2,200 points from its intra-day low yesterday. On Thursday, the index closed 682 points higher at 20200 level.Global markets European shares opened strongly, with France's CAC 40 jumping 1.2 percent to 4,596.34 and Germany's DAX leaping 1.2 percent to 10,776.93. Britain's FTSE 100 climbed 1.2 percent to 6,995.72.
U.S. shares were poised to open higher. Dow futures added 0.9 percent to 18,699.00 and broader S&P 500 futures advanced 0.8 percent to 2,178.50.
Japan's benchmark Nikkei 225 index rocketed 6.7 percent to close at 17,344.42 after sliding more than 5 percent the day before.
In other Asian trading, South Korea's Kospi advanced 2.3 percent to 2,002.60 and Hong Kong's Hang Seng added 1.9 percent to 22,839.11. The Shanghai Composite index in mainland China rose 1.4 percent to 3,171.28 and Australia's S&P/ASX 200 surged 3.3 percent to 5,328.80. India's Sensex climbed 1.6 percent to 27,690.21. The dollar also recovered in currency trading. It was at 105.74 yen after dropping to near 101 yen the day before.