March 23, 2018

Benchmark indices surge ahead of release of industrial production data

13 March 2018, 03:43 | Austin Hogan

Sensex, Nifty climb nearly 1% on positive global cues

Sensex today: ITC, Tata Steel top movers; index gains over 250 points

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 739.8 points or 2.17 per cent to close at 33,307.14 points.

Most global markets have turned positive following U.S. data indicating abating inflationary pressure, which lowered the chances of an interest rate hike in the near future. The share indices traded on a firm note with broad based gains, led by consumption-themed stocks.

Meanwhile, the benchmark BSE Sensex rose by 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade today. "After 10 per cent correction from the all-time high levels surrounded by whole host of negatives (especially from banking sector), Indian markets had phenomenal day with frontline indices rallying +2 per cent offering much needed cheer and relief to the investors".

Asian stocks from Tokyo to Sydney gained as trade war concerns took a backseat to economic optimism following a United States jobs report on Friday that showed that the American economy continued to strengthen without the prior month's rapid wage gains that stoked inflation fears.

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Kentucky edges No. 13 Tennessee for SEC championship
I don't need to tell Vol fans not to take this opportunity for granted. "We usually come with a lot of energy". If the Vols win their first round game, they would play the victor of Miami (FL) and Loyola Chicago.

The US Labor Department said that non-farm payroll employment surged up by 313,000 jobs in February, the biggest gain since mid-2016.

Global markets rallied after the U.S. data indicated that non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation and speculation the Federal Reserve would project four rate hikes instead of the current three.

The benchmark indices have lost ground in seven of the last nine trading sessions.

On the sectoral front, Realty, Bank, Capital Goods, Metal, Oil & Gas, FMCG and Information Technology were top gaining indices on BSE while on the flip side; there was no losing indices on BSE. "Participants will react to macro-economic data - IIP and CPI inflation - in early trade on Tuesday". At 11.06 a.m, the Sensex was trading up 317.57 points or 0.95% at 33,624.71 with 24 components gaining. Foreign investors started selling in the equity market after Budget presentation in February which also coincided with the rise in bond yields in the US.

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