Markets resume fresh upward momentum; Bank Nifty index outperforms

On the sectoral front, Nifty Bank rallied 1,000 points or 3.6%, while PSU Bank and Private Bank indices gained over 3% each.

Oct 09, 2019 10:10 IST India Infoline News Service

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Equity benchmark indices snapped the six-day decline owing to today’s surge, led by banking and financial stocks. All eyes are now on the minutes of the Fed’s last meet, which will be released tonight.

On the sectoral front, Nifty Bank rallied 1,000 points or 3.6%, while PSU Bank and Private Bank indices gained over 3% each. Nifty Auto, Infra, Energy, Metal, Pharma and Realty climbed 1-2%, respectively.

Shares of IndusInd Bank soared over 5.5% ahead of its Q2 result scheduled on Thursday. 

The Sensex ended at 38,178 levels, up 646 points or 1.72% and the Nifty50 index ended at 11,313, up 187 points or 1.68%. The market breadth was positive as about 964 shares advanced against 821 declining shares on the NSE.

On the economy front, the Union Cabinet of India has decided to increase dearness allowance (DA) of central government employee by 5%.

Elsewhere, European markets rose alongside US index futures with China reviving hopes of progress in trade talks with the US this week. This development comes in despite several negative events.

US official said high-level trade talks would still take place on Thursday and Friday as planned, but Trump has said tariffs on Chinese imports will rise on October 15 if no progress is made in the negotiations.

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