Markets snap six-day falling streak; IT, banks lead cost


Mumbai, September 25

Equity benchmark Sensex rallied 835 points on Friday after six days of declines as investors returned to buying mode amid a modest recovery in global markets.

Appreciating rupee adds to momentum

  • Investors returned to buying mode amid a modest recovery in global markets
  • A strengthening rupee — which spurted 28 paise against the US dollar — added to the momentum
  • On a weekly basis, the Sensex lost 1,457.16 points while the Nifty tumbled 454.70 points

A strengthening rupee — which spurted 28 paise against the US dollar — added to the momentum, traders said.

The 30-share BSE Sensex opened higher following Thursday’s selloff and stayed in the positive territory throughout the session. It finally closed at 37,388.66, up 835.06 points.

Similarly, the NSE Nifty vaulted 244.70 points to finish at 11,050.25.

All Sensex components ended in the green, with Bajaj Finserv, HCL Tech, Bharti Airtel, IndusInd Bank, L&T, TCS, ICICI Bank, ONGC, Infosys and Bajaj Finance gaining up to 6.64%.

On a weekly basis, the Sensex lost 1,457.16 points while the Nifty tumbled 454.70 points.

Global markets stabilised following an overnight pullback on the Wall Street after reports said US lawmakers were working on a stimulus deal that could be voted on as early as next week.

“Stimulus measures, if any, in the US could provide support to the markets. If the market corrects from these levels, then investors should actively look for accumulating good quality stocks for long-term wealth creation,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities. — PTI



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