Sensex rallies 665 pts ahead of Interim Budget; IT, banks jump

Sensex rallies 665 pts ahead of Interim Budget; IT, banks jump

Mumbai, Jan 31: The benchmark indices ended over 1.5 per cent higher on Thursday on the expiry of January-series futures and options (F&O) contracts.
The sharp rally was led by gains in information technology (IT), banking and fast-moving consumer goods (FMCG) stocks.
The S&P BSE Sensex ended at 36,256, up 665 points or 1.87 per cent, while the broader Nifty50 index settled at 10,831, up 179 points or 1.68 per cent.
In the broader markets, the S&P BSE MidCap ended at 14,560, up 61 points or 0.42 per cent, while S&P BSE SmallCap settled at 13,926, up 111 points or 0.80 per cent.
Among sectors, the Nifty Bank index rose 1.75 per cent led by Axis Bank, State Bank of India (SBI) and HDFC Bank. The Nifty IT index gained 1.60 per cent led by Infosys, Tata Consultancy Services (TCS) and Tech Mahindra.
Buzzing Stocks
Shares of Axis Bank rose 4.42 per cent to end at Rs 721.45 on the BSE, after private sector lender posted a healthy set of numbers for the quarter ended December 31 (Q3FY19). The stock surpassed its previous high of Rs 703 recorded on January 30, 2019, on BSE in the intra-day trade.
Infosys rose 3.41 per cent to settle at Rs 749.60. The stock of information technology (IT) services Company was the largest gainer among S&P BSE Sensex and Nifty 50 indices at 01:17 pm.
Global Markets
Asia stocks rose to a four-month high on Thursday after the Federal Reserve pledged to be patient with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of slowing global growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest since October 4 and was last up 0.9 per cent. Japan’s Nikkei rose 1 per cent. The Shanghai Composite Index climbed 0.3 per cent despite data showing China’s factory activity contracted for a second straight month amid weakening orders.