The BSE Sensex surges more than 300 points and the Nifty rises almost 100 points on Friday. Gains are being led by uptight stocks and banks.
The BSE Sensex surges more than 300 points and the Nifty rises almost 100 points on Friday. Gains are being led by uptight stocks and banks.
The Reserve Bank of India is mainly likely to lift the repo rate by 25 basis points, its second successive monthly hike. The BSE banking index is up by 2.5 percent, with stocks as ICICI leads the rally, with a 2.6 percent gain.
The rise many also be on assumptions that Federal Reserve could uphold monetary stimulus to the U.S. economy next year on worries of the 16-day partial U.S. government shutdown, which ended this week, limiting economic growth there.
The market sentiment was improved by statistics showing that foreign funds made considerable purchases of Indian stocks on Thursday. They purchased shares valuing net Rs 1,109.93 crore yesterday, as per interim figures from the stock exchanges.
Reportedly, shares of banking, realty, metal and refinery sectors moved up sharply on good demand from operators and investors.
Asian markets were trading predominantly higher after latest data showed that China’s economic growth speed up in Q3 September 2013.
Key benchmark index in Singapore, China, South Korea, Hong Kong and Taiwan gained by 0.13-0.68 percent while index in Indonesia and Japan fell 0.05-0.06 percent.
