Sensex climbs 161 pts on rate cut hope, positive global cues

The benchmark BSE Sensex surged about 161 points to 28,401.47 in opening trade today as investors and funds widened their bets amid hopes of a rate cut by the Reserve Bank amid a firming trend in global markets.

Moreover, the rupee appreciating by another 10 paise to 67.21 against the dollar in early trade today sent out positive vibes to the stock markets.

Extending its post-Budget rally for the fourth straight day, the BSE 30-share barometer surged 160.95 points, or 0.57 per cent, to 28,401.47.

The gauge had rallied 584.56 points in the previous three sessions after the presentation of the Budget.

All sectoral indices led by oil and gas, banking and PSUs were quoting in the green, adding up to 1.02 per cent.

Also, the NSE Nifty gained 45.60 points, or 0.52 per cent, to 8,786.55.

Brokers said that sustained buying by investors on hopes of a rate cut by the Reserve Bank of India at its policy meet scheduled on Wednesday, and increased inflows by foreign funds bolstered trading sentiments.

A firming trend in Asia tracking weekend gains at Wall Street, fuelled by a better-than-expected jump in US jobs, too accelerated buying activity on the domestic bourses here.

Japan's Nikkei was up 0.30 per cent while Hong Kong's Hang Seng rose 0.68 per cent in early trade today. Shanghai Composite was quoting 0.45 per cent higher.

The US Dow Jones Industrial Average ended 0.94 per cent higher in Friday's trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel