Sensex surges by 500 points, Nifty over 11,600; banking shares lead rebound
New Delhi | Jagran Business Desk: Indian stock market today registered a sharp high with banking sectors leading the rebound. The Sensex was up by around 565 points registering intraday high of 39,158 while the broader Nifty 50 index moves up above 11,550 points.
The banking sector in Nifty registered a rise of nearly 3% while the auto index rises up by around 1.5%. Kotak Mahindra, SBI, ICICI banks surged 4%, 4.5%, and 3% respectively. Among other Sensex stocks Tata Steel, Vedanta, Axis Bank, and IndusInd Bank were seen in green, while TCS and Infosys registered a fall of 0.6% and 1% respectively.
The high in Asian stock markets were seen as the aftermath of US President Donald Trump’s statement of ending US-China trade war soon, which apparently pushes the Wall Street higher overnight.
Donald Trump on Wednesday said, “a deal to end a nearly 15-month trade war with China could happen sooner”.
The Sensex and Nifty in yesterday’s session witnessed a heavy fall with Sensex falling down by 516 points while the broader Nifty 50 index plunging over 148 points. The S&P BSE Sensex hits intraday low of 38,580.31 and the NSE Nifty 50 index drop below important psychological level of 11,450 yesterday, with banking shares were the worst hit.
The fall in the Indian share market is seen as the outcome of the weakness in other Asian markets after US lawmakers called for an impeachment inquiry into US President Donald Trump. The impeachment inquiry was seen as to increase the prolonged political uncertainty in the world’s largest economy.
Posted By: Talib Khan