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Markets breathe easy after 7 days; earnings, global cues lift mood

Friday, February 09, 2018

Domestic equities yesterday heaved a sigh of relief after corporate earnings and Asian markets optimism broke the seven-day losing streak, with benchmark indices Sensex and Nifty ending in the green.

The BSE flagship index Sensex jumped over 330 points, or 0.97%, to close at 34,413.16 -- its biggest single- session gains in two weeks. The 30-share pack had lost 2,200.54 points in the last seven sessions amid negative domestic and global cues.

The NSE Nifty too recovered over 100 points, or 0.96%, to end at 10,576.85.

An emergence of value-buying in recently battered banking counters as also pharma and IT stocks revived optimism on domestic bourses.

Also, investor sentiments got a boost from improved outlook on economic growth and falling crude prices.

Brent crude futures tumbled to a six-week low of USD 65.16 per barrel. A fall in crude prices is seen as positive for India, which imports most of its oil requirements.

"Domestic earnings positivity and optimism in Asian peers led Indian market higher after RBI’s status quo stabilised markets. However, investors will continue to keep a watchful eye on global volatility, with Europe continuing to see vulnerability ahead of BOE rate decision," Anand James, Chief Market Strategist, Geojit Financial Services Ltd, said.

The Reserve Bank yesterday projected growth rate at 7.2% for the next financial year as the rollout of GST stabilises and credit offtake improves.

In its 6th bi-monthly policy review, the RBI yesterday maintained its status quo on the policy front, retaining the repo rate at 6% and the reverse repo at 5.75%.

The Sensex yesterday resumed higher at 34,208.11 and traded between a high of 34,634.35 and a low of 34,108.76 before ending at 34,413.16.

Similarly, the Nifty closed above the key 10,550-level at 10,576.85, up 100.15 points. It shuttled between a high of 10,637.80 and low of 10,479.55.

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