Trading on domestic stock markets Sensex and Nifty ended on an extremely positive outlook yesterday as both indices surged past their Asian rivals to rise by almost 2% in a single day, their biggest ever intra-day increase since May 2017.
While BSE benchmark Sensex closed at 610.80 points to finish 1.83% higher than the previous trading day and ended at 33,917.94, NSE’s Nifty surged even faster by 1.9% or 194.55 points to finish at 10,241.40.
IT, technology, FMCG, capital goods, oil & gas, metal and auto stocks saw the highest amount of trading due to the release of crucial IIP and inflation data scheduled for yesterday evening. Consequently, Bharti Airtel, Tata Motors, NTPC, ITC, Reliance and Infosys were the biggest gainers.
Market experts credited this impressive rally to USA’s latest job report which said that there had been a big increase in employment numbers there, which prompted not just Indian but almost all Asian markets to rise. The report also helped by allaying fears of rising inflation and faster rate hikes.
But things were different today as both Sensex and Nifty opened with negative numbers despite favourable macroeconomic conditions and strengthening Rupee. Banks and oil stocks rose throughout the day, however, and helped both indices recover by bringing them in the green side again.