Markets Continue To Rule Firm For Second Week, Sensex Up 859 Points

Mumbai, October 10: The S&P BSE benchmark Sensex and CNX Nifty continued to rule firm for the second consecutive week on persistent buying mainly in metal, consumer durable, refinery, auto, realty, capital goods and power counters on the back of higher global cues stoked by the possibility of a US rate hike delay.

Buying ahead of the earnings season which begins next week with Infosys reporting its second quarter numbers, also buoyed market sentiments.

The Sensex resumed higher at 26,379.42 and shot up further to a high of 27,200.44 before finishing at 27,079.51, showing a gain of 858.56 points or 3.27 per cent.

It has gained 1,216.01 points or 4.70 per cent in two weeks.

The 50-share Nifty also rose by 238.80 points or 3 per cent to 8,189.90. It has also gained 321.20 points, or 4 per cent in two weeks.

Minutes of the last Federal Reserve meeting released showed that officials were largely hesitant to hike rates for the first time in nearly a decade due to worries about global economy.

Sentiments were also upbeat as a number of banks announced reduction in base rates during the past few days in the wake of a steeper-than-expected 50 basis points cut in the repo rate by the Reserve Bank of India.

Investors sentiments also gained strength from Prime Minister Narendra Modi's statement that the GST will be rolled out as planned.

Addressing Indian and German business leaders, Modi expressed hope that the Goods and Services Tax (GST) will be rolled out in 2016. 

FICCI's MPs delegation visit to UK give positive spin to ties

New Delhi : A FICCI's Forum of Parliamentarians will undertake a five-day visit to London from June 24 to June 28 to build a valuable track 2.0 dialog...

Cyber security, data privacy critical for growth of Digital India

New Delhi : As India continues to leapfrog into the digital revolution and brace the dream of Digital India that Prime Minister Narendra Modi has for ...

Lenovo India names Pankaj Harjai as Director-Tablets

New Delhi : Global technology firm, Lenovo, announced the appointment of Pankaj Harjai as Director- Tablets, as part of the India business.In this cap...

CMD, NSIC launches "Harit Saptah"

New Delhi: Ravindra Nath, CMD, NSIC launched "Harit Saptah" on 21st June 2018 wherein Tree Plantation Campaigns are being organised by all NSIC Branch...