Mumbai: The benchmark BSE Sensex surged by 137 points to 23,691.10 and the NSE Nifty recaptured the 7,200-= mark in early trade today amid a firming trend at other Asian markets.
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Market mood changed for the better after Asia rebounded from recent weakness as fears over global economic slowdown eased and crude prices rallied. The index had last climbed as many points or higher on January 15, 2015, when it rose 728.73 points after the Reserve Bank of India implemented a 25-basis-point rate cut, reported PTI.
The rally helped the Sensex and the Nifty recapture their 23,000 and 7,100-point levels, respectively.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 187.70 points or 2.69 percent up at 7,168.65 points.
The 30-share index last quoted up by 577.97 points or 2.51 percent to 23,564.09 after moving in range of 23,622.64 – 23,197.67. China’s central bank fixed the yuan higher as the nation returned from a week-long holiday. On inflation side, wholesale prices fell 0.09% during January, registering the contraction for the 15th consecutive month.
Back home, foreign institutional investors continued to sell Indian shares in the cash segment.
The data with stock exchanges showed that FIIs divested Rs.1,311.59 crore, while the DIIs’ bought stocks worth Rs.1,987.45 crore.
Moreover, covering up by speculators who had been creating short positions in the past several sessions buoyed sentiment. Shares of state-run Bank of Baroda too zoomed over 22 percent despite the lender recording the country’s highest-ever quarterly loss.
Among other Asian markets, Hong Kong was up three percent percent in late trade, with HSBC rising four percent after saying it would remain headquartered in Britain, rejecting a move to Hong Kong, despite concerns about increased regulation in the United Kingdom and a possible split from the EU.
Good buying was observed in capital goods, realty, industrials and basic materials sectors.
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Globally, in London, gold was trading 2.33 per cent down at Dollars 1,209 an ounce and silver slumped 2.95 per cent to USD 15.29.
