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Sensex zooms to 28,051 on short-covering, firm global cues

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The Sensex and Nifty ended higher by nearly 2 per cent due to short-covering in stocks such as Zee Entertainment Enterprises Ltd and Tata Steel Ltd, while broader sentiment was underpinned by positive global cues.

The benchmark BSE index surged 520.91 points or 1.89 per cent at 28,050.88, while the broader NSE index jumped 157.5 points or 1.85 per cent to 8,677.90. Both the indexes posted their biggest gain since May 25.

All BSE sectoral indices ended in the green. Among them, banking index gained the most by 2.37 per cent, capital goods 2.07 per cent, IT 1.84 per cent and metal 1.82 per cent.

Top five Sensex gainers were Adani Ports (+6.3%), ICICI Bank (+4.58%), HDFC (+3.82%), Tata Steel (+3.46%) and L&T (+2.85%), while the only two loses were ONGC (-0.75%) and Asian Paints (-0.49%)

Rising commodity prices pulled shares higher on Tuesday and the dollar slipped from a seven-month high as bond yields fell, while sterling briefly strengthened after data showed UK inflation rose by its most in more than two years last month.

Asian stocks extended gains, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 1.2 per cent, pulled higher by financials and a rebound in oil prices.

Back home, investors now await a government meeting on the goods and services tax (GST) for clarity on rates. The three-day meeting of the GST Council, comprising federal and state finance ministers, will decide the main tax rate and those for different sectors.

“I think markets today are drawing comfort from global markets, which are positive. The GST outcome is not expected before today evening or tomorrow, so it’s the global cues that are supporting for now,” said Neeraj Dewan, director at Quantum Securities.

-source:- http://www.thehindubusinessline. com/markets/stock-markets/sensex-nifty-live-update/article9233641.ece

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