Sensex Soars 578 Points On Global Cues; Nifty Ends Above 10300

Sensex zooms over 330 points Nifty re-claims 10,200 in opening trade

Sensex zooms over 330 points Nifty re-claims 10,200 in opening trade

On Wednesday markets declined over 2% after China said it will slap fresh retaliatory tariffs on more than 100 United States products, including the politically sensitive soybeans, sparking fears that an escalating trade war between the world's largest economies could swamp some of its fastest growing ones.

Continuing its early upward trend, the benchmark BSE Sensex rallied by nearly 527 points in late afternoon trade as rate-sensitive stocks surged soon after the Reserve Bank kept its key policy rate unchanged.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 33,289.96 points, closed at 33,596.80 points - up 577.73 points or 1.75 per cent from its previous session's close. The Nifty50 of the National Stock Exchange ended at 10,325.15, gaining 196.75 points or 1.94%.

It saw an intra-day movement of about 104.35 points.

U.S. stock futures fell more than 1 per cent.

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Meanwhile, domestic institutional investors (DIIs) bought equities to the tune of Rs 615.28 crore yesterday, while foreign portfolio investors (FPIs) net sold shares worth Rs 108.02 crore, according to provisional data.

Profit booking amid subdued global cues too hit market mood.

Gains in index heavyweights ICICI Bank, Tata Steel and Maruti Suzuki were offset by losses in Bharti Airtel, Infosys and Larsen & Toubro. Other losers were L&T, Bajaj Auto, IndusInd Bank, Axis Bank, HUL, Wipro, Coal India, TCS, M&M, ONGC, Asian Paints and Hero MotoCorp.

The BSE banking index was up 1.97 per cent to 27,476.26, while the realty index rose 2.59 per cent to 2282.01. The BSE Mid-Cap and Small-Cap indices were dwon 0.92 per cent and 1.01 per cent, faring better than the Sensex.

Elsewhere in Asia, Japan's Nikkei was up 1.63 per cent, while Hong Kong and Shanghai markets were shut today for a public holiday today. In Europe, Frankfurt's DAX fell 0.65 per cent and Paris CAC shed 0.51 per cent in their late morning session.

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