Nifty ends Nov series at 10859; Sensex up 453 points

Mumbai, Nov 29: A stronger rupee, falling crude oil prices along with a dovish commentary from the US central bank chief boosted markets across the globe, including India. Back home, the Nifty surged past 10,800 on a day when F&O contracts for November series expired.
The Sensex, meanwhile, hit 36,000 during the day’s trade, rising over 530 points intraday.
Both indices ended the session on a strong note, with the Nifty retaining 10,800 levels on expiry.
For the uninitiated, US Federal Reserve Chairman Jerome Powell sounded a dovish stance on interest rates, hinting at a slower pace of a rate hike cycle in 2019. This led to a rally among global markets as probability of foreign flows coming to emerging markets seemed more likely.
Additionally, lower crude oil prices added to the optimism among investors, which also shored up the rupee. The Indian rupee began the day, opening over 50 paise higher and surpassed 70 per US dollar mark as well.
Among sectors, banks, automobiles, consumption, metals and pharmaceuticals witnessed a positive trade, while IT stocks took a hit on the back of a stronger rupee. Among broader markets, the Nifty Midcap index rose over half a percent.
At the close of market hours, the Sensex was up 453.46 points or 1.27 percent at 36,170.41, and the Nifty was up 129.80 points or 1.21 percent at 10,858.70. The market breadth was narrow as 1301 shares advanced, against a decline of 1291 shares, while 145 shares were unchanged.
Bajaj Auto and Kotak Mahindra Bank were the top gainers, while Power Grid, NTPC, and HCL Tech lost the most.

Leave a Reply

Your email address will not be published.