Mumbai, India (BBN) - The benchmark BSE Sensex surged over 200 points in late morning 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, Indian rupee appreciating by another 10 paisa to 67.21 against the dollar in early trade today sent out positive vibes to the stock markets, reports The Hindu Business Line.
Extending its post-Budget rally for the fourth straight day, the BSE 30-share barometer surged 222.78 points, or 0.79 per cent, to 28,463.30.
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 63.10 points, or 0.72 per cent, to 8,804.05.
MID-CAPS INDICES SURGE
The NSE mid-cap 100 index rose 1 per cent to a record high of 16,197.55.
Similarly, the BSE Mid-Cap index too hit its highest since November 1, 2016.
Analysts said say strong corporate results, lower-than-expected impact from India's high-value note ban were aiding markets.
Most mid-cap stocks delivered “surprisingly stellar" results this quarter as there were expectations for them to perform weakly due to the demonetisation, says Hitesh Agarwal,EVP & Head - Retail Research, Religare Securities Ltd.
Housing Development and Infrastructure was top percentage gainer on the NSE midcap 100, rising as much as 9.8 per cent to its highest since November 8.
Adandi Enterprises, Wockhardt Ltd,and Godrej Industries were among top gainers, climbing over 5 per cent each.
The advances to decline ratio was in favour of advances as 38 stocks gained against 12 that declined on the Nifty.
Similarly, on the Sensex, 23 advanced, 6 declined and one remained unchanged.
TOP SENSEX GAINERS
Lupin 3.58 per cent, ICICI Bank was up over 2.95 per cent, Sun Pharma 2.77 per cent, Asian Paints 1.51 per cent, NTPC 1.42 per cent and Tata Motors 1.38 per cent.
Sensex losers: Coal India 0.74 per cent, Dr Reddy's was down 0.66 per cent, Bajaj Auto 0.40 per cent, Bajaj Auto 0.33 per cent and ONGC 0.20 per cent.
All the sectoral indices were trading in the green. Realty, bank, capital goods, consumer durables and FMCG were the top gainers on the BSE.
A report by SMC Global said "Asian stocks were poised to gain in the wake of a US advance at the end of last week when the Trump administration’s move to roll back financial regulations sparked a rally in banks.
Equities from Japan to Hong Kong climbed after the Dow Jones industrial average was up 0.94 percent before weekend, its best trading day for 2017.
Employment in the US increased by more than anticipated in the month of January, the Labor Department reported non-farm payroll employment jumped by 227,000 jobs in January after climbing by a revised 157,000 jobs in December.
Economists had expected an increase of about 175,000 jobs compared to the addition of 156,000 jobs originally reported for the previous month."
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