Sensex Soars 500 Points As Global Markets Rebound

Brent crude futures – the global benchmark for crude oil – fell 54 cents to $68.37 a barrel, having been as high as $70.74 on Monday.

MarketEdited by Sandeep Singh (with inputs from Reuters)Updated: January 07, 2020 09:36 ISTby TaboolaSponsored LinksSponsoredGoing to New Zealand? Declare all ingredients & spices, or you could be fined $400 (Biosecurity New Zealand)80% brain development happens under the age of 8 (Magic Crate)

Sensex Soars 500 Points As Global Markets Rebound

Domestic stock markets are start Tuesday’s session on a positive note amid gains in Asian peers, a day after plunging nearly 2 per cent on surging crude oil prices. The S&P BSE Sensex index rose as much as 518.12 points to touch 41,176.27 in early trade, and the broader NSE Nifty benchmark climbed to as high as 12,142.65, up 149.6 points from the previous close. Gains across sectors except information technology shares pushed the markets higher. 

At 9:18 am, the Sensex traded 388.67 points – or 0.96 per cent – higher at 41,065.30 while the Nifty was up 129.65 points – or 1.08 per cent – at 12,122.70. 

Forty six stocks on the 50-scrip index moved higher at the time. Top percentage gainers were Zee Entertainment, Vedanta, SBI, Yes Bank and Tata Steel, trading between 2.03 per cent and 2.75 per cent higher. 

On the other hand, Infosys, Tech Mahindra, TCS and Power Grid – down between 0.21 per cent and 0.68 per cent – were the top Nifty laggards.

HDFC Bank, Reliance Industries and ICICI Bank contributed the most to the gain in Sensex, together accounting for a more than 200-point rise in the index.

Equities in other Asian markets rebounded as a day passed without any new escalation in the Middle East and Wall Street erased early losses to end in the black as tech stocks climbed. 

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MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6 per cent, recouping almost all of Monday’s losses. Japan’s Nikkei rallied 1.3 per cent and Shanghai blue chips advanced 0.5 per cent. 

Shares had fallen sharply on Monday as Iran and the US traded threats after an US air strike killed a top Iranian commander. The mood calmed a little as the session passed with no new aggression.

Oil surrendered hefty gains as some speculated Iran would be unlikely to strike against the US in a way that would disrupt supplies, and its own crude exports. 

Brent crude futures – the global benchmark for crude oil – fell 54 cents to $68.37 a barrel, having been as high as $70.74 on Monday.

On Monday, the S&P BSE Sensex had ended 787.98 points – or 1.90 per cent – lower at 40,676.63 in its worst single-day drop in six months, and the broader NSE Nifty benchmark settled at 11,993.05, down 233.60 points – or 1.91 per cent – from the previous close. (Also read: Why Sensex, Nifty suffered their worst single-day loss in six months on Monday)

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