Sensex climbs 529 points to close at 47,000, Nifty ends above 13,700 – Business News

Sensex climbs 529 points to close at 47,000, Nifty ends above 13,700 – Business News

The equity benchmark Sensex jumped 529 points on Thursday after rising gains in the index major Reliance Industries, HDFC twins and ICICI Bank amid positive global cues.

The 30-share BSE index closed up 529.36 points or 1.14 percent at 46,973.54. The broader NSE Nifty rose 148.15 points, or 1.09 percent, to 13,749.25 points.

Axis Bank was the biggest gainer in the Sensex pack at around 3 percent, followed by Sun Pharma, Reliance Industries, ONGC, HDFC, ICICI Bank, Kotak Bank and Bharti Airtel.

On the other hand, Infosys, IndusInd Bank, HCL Tech, Nestle India and Tech Mahindra lagged behind.

Binod Modi, Head- Strategy, Reliance Securities, said the domestic equity boom remained strong and saw a strong rebound backed by financials.

He said Asian markets, including India, gained momentum due to the increased likelihood of a Brexit trade deal, adding that all sectors except IT contributed to the market boom.

“As the framework of the Brexit trade deal was reached, the high probability of a Brexit trade deal prompted markets to trade higher. In addition, fears of new coronovirus strains are now making it easier for European countries to open borders to Britain, ”he said.

He further noted that FPI inflows remain as a major driving force for domestic equities, which are expected to remain stable in the near future in the backdrop of a weak dollar, soft monetary policies from global central bankers and fiscal stimulus in the US .

Foreign portfolio investors (FPIs) were net buyers in the capital market as they bought shares worth Rs 536.13 crore on Wednesday as per provisional exchange data.

Elsewhere in Asia, nutrition in Seoul, Hong Kong and Tokyo ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe were trading with gains in early deals.

Meanwhile, global oil benchmark Brent crude futures slipped 0.48 percent to $ 51.04 a barrel. PTI ANS ABM ABM

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