Business

Sensex jumps 565 pts on hopes Fed will delay rate hike

Mumbai, October 5: Tracking firm global cues, the market benchmark Sensex today closed at one and a half months high of 26,785.55 with a surge of 564.60 points as inventors sensed diminishing chances of the Fed rate hike in the near future after a weak US jobs report.

The index rising for the fourth straight session also got a leg-up from the rupee appreciating 31 paise against dollar.

A strong closing at Asian markets and a higher opening in Europe after a weaker-than-expected US jobs report fuelled speculation that the world's biggest economy is not ready for an interest rate rise any time soon, buoyed market sentiment.

After tracking bullish global cues, the 30-share Sensex scaled the day's high of 26,822.42 and finally closed 564.60 points or 2.15 per cent higher at 26,785.55, a level last seen on August 21.

The benchmark index has rallied by 1,168.71 points in four straight sessions, since the Reserve Bank cut key rates by 0.50 per cent to 6.75 per cent on September 29.

The broader NSE Nifty after regaining the 8,100-level, further rose to a session's high of 8,128.90, before settling 168.40 points or 2.12 per cent to close at 8,119.30.

Both the indices posted their biggest single day gains since January 15.

Shares of Tata Motors emerged as the top gainer among the Sensex pack by surging 6.13 per cent on sales data and reports that its Jaguar Land Rover sales surged in the US.

The stock was the top gainer on both Sensex and Nifty.

The rally in Sensex was also supported by gains in Tata Steel (5.82 pc), ICICI Bank (4.90 pc), Hindalco (4.74 pc), HDFC (4.73 pc), L&T (4.12 pc) and Hero MotoCorp (4 pc).

Out of the 30 Sensex stocks, 26 ended with gains while four -- Maruti Suzuki, Dr Reddy's, Lupin and HUL, lost.

Among BSE sectoral indices, capital goods gained the most by surging 3.28 per cent, followed by infra 3.04 per cent, bankex 2.80 per cent and metal 2.49 per cent.

The broader markets also performed well on buying by retail investors. The BSE mid-cap and the small-cap indices surged by 1.79 per cent and 1.62 per cent, respectively.

Among other Asian markets, China, Tokyo, Hong Kong, South Korea indexes firmed up in the region 0.76 per cent to 1.62 per cent. While, gains between 2.12 per cent and 3.13 per cent were seen in Europe from their early deals.

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