Sensex surges 258 points, Nifty reclaims 11,600

 thehindu.com  09/16/2020 11:06:05 

A view of the BSE building in Mumbai. File   | Photo Credit: Paul Noronha

Domestic equity benchmark Sensex jumped 258 points on Wednesday following gains in HDFC Bank, Infosys and M&M amid sustained foreign fund inflows.

The 30-share BSE index ended 258.50 points or 0.66% higher at 39,302.85. The NSE Nifty rose 82.75 points or 0.72% to 11,604.55.

M&M was the top gainer in the Sensex pack, climbing over 4%, followed by Bajaj Auto, Sun Pharma, HDFC Bank, Infosys, L&T and UltraTech Cement.

On the other hand, IndusInd Bank, NTPC, SBI, Axis Bank, Bharti Airtel and ONGC were among the laggards.

According to traders, stock-specific action and sustained foreign fund inflows drove domestic equities higher, despite mixed cues from global markets ahead of the US Federal Reserves policy outcome.

Foreign institutional investors bought equities worth 1,170.89 crore on a net basis on Tuesday, exchange data showed.

Further, Reserve Bank Governor Shaktikanta Das assurance to the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth too lifted market sentiment, traders said.

Meanwhile, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo settled with gains.

Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 2% higher at USD 41.34 per barrel.

In the forex market, the rupee strengthened by 12 paise to finish at 73.52 against the US dollar.

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