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Sensex Soars Over 650 Points Amid Buying Across Sectors: 10 Things To Know

The Sensex and Nifty indexes had ended 0.76 per cent and 0.69 per cent lower, after retreating from record highs hit during the session.

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Sensex Soars Over 650 Points Amid Buying Across Sectors: 10 Things To Know

Advances in banking, financial services and energy stocks led the upmove

Domestic stock markets jumped on Friday on the back of buying across sectors, as the euphoria surrounding Prime Minister Narendra Modi's landslide victory in the general election drove the bull-run. The S&P BSE Sensex rose as much as 665.58 points to 39,476.97, and the NSE Nifty index climbed to 11,859.00, up 201.95 points from the previous close. Meanwhile, the rupee advanced 0.4 per cent to hit an intraday high of 69.74 against the dollar, and was on course to log a weekly gain of about 0.7 per cent. The Sensex and Nifty indexes had ended 0.76 per cent and 0.69 per cent lower, after retreating from record highs hit during the session.
Here are 10 things to know:
  1. The Sensex traded 443.73 points - or 1.14 per cent - higher at 39,255.12 at 12:56 pm, while the Nifty was up 135.75 points - or 1.16 per cent - at 11,792.80. 
  2. Market breadth favoured gains on Friday, with 1,297 stocks advancing on the NSE in morning trade against 408 declining in afternoon trade. On the BSE, 1,558 stocks traded with gains against 738 that struggled with losses.
  3. Top gainers on the 50-scrip benchmark index at the time were Bharti AirtelEicher Motors, Larsen & Toubro, Mahindra & Mahindra and Zee Entertainment, trading between 3.01 per cent and 3.70 per cent higher. 
  4. The Nifty Bank - comprising banking stocks - jumped as much as 1.75 per cent in intraday trade. Prominent gainers included state-run Bank of Baroda and Punjab National Bank, which climbed as much as 7.17 per cent and 4.78 per cent respectively.
  5. ICICI BankHDFC Bank and Larsen & Toubro contributed the most to the advances on Sensex.
  6. The BJP won over 300 seats in the 543-member Lok Sabha, surpassing its 2014 victory when the party had won 282 seats.
  7. Analysts say that a BJP victory has been factored in.
  8. "Investors and traders must wait for correction to enter in the market as going forward Sensex and Nifty may need to consolidate at lower levels," news agency Reuters quoted Abhijeet Bajpai, chief executive of Avighna Trades, as saying in a report. "Nifty and Sensex may correct about 5 per cent in next few days.”
  9. Equities in other Asian markets stumbled to a four-month low on worries the US-China trade spat was developing into a more entrenched strategic dispute between the world's two largest economies, pushing investors to safe-haven assets.
  10. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 per cent to a fresh four-month low, and was on track for a third straight weekly loss, down 1.0 per cent so far on the week. Japan's Nikkei average dropped 0.7 per cent.

(With inputs from Reuters)





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