Equities surge on upbeat macro-data, Sensex reclaims 34k level
Healthy macro-economic data, along with healthy buying in banking, consumer durables, oil and gas and healthcare stocks lifted the key Indian equity indices during the mid-afternoon trade session on Tuesday. The BSE Sensex reclaimed the 34,000-mark in the course.
According to market observers, data released post market hours on Monday — which revealed that the country’s factory production growth in January doubled to 7.5 per cent and retail inflation eased down to 4.4 per cent for February — gave a boost to investors’ risk-taking appetite.
Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) rose by 40.70 points or 0.39 per cent to trade at 10,462.10 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 34,022.09 points — up 104.15 points or 0.31 per cent from the previous session’s close.
The Sensex has so far touched a high of 34,077.32 points and a low of 33,790.09 points during the intra-day trade.
The BSE market breadth was bullish with 1,741 advances and 767 declines.
“Indian shares rebounded after opening on Tuesday on likely overseas funds inflow into local stocks after the country posted upbeat industrial output amid further easing in retail inflation. Asian markets traded in red as US markets lost steam overnight,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told.
On Monday, the benchmark indices witnessed the biggest intra-day gains in around two years on the back of across-the-board buying, as well as positive cues from the global markets on easing trade war fears.
The Nifty50 edged higher by 194.55 points, or 1.90 per cent, to close trade at 10,421.40 points, while the Sensex closed at 33,917.94 points — up 610.80 points, or 1.83 per cent, from the previous session’s close.