Sensex surges 293 pts, Nifty above 10700 as bank stocks rally

Mae Love
May 8, 2018

Among broader markets, midcaps traded strong as well but mildly underperformed the benchmarks, gaining around 0.70 percent.

Huge gains in financials, metals, auto as well as energy names ensured that the market had a good start to the week with the Nifty reclaiming 10,700 during the day's trade and Sensex ending nearly 300 points higher.

At 2:42 PM, the BSE Sensex was trading at 35,187, up 273 points, while the Nifty50 index was trading at 10,709, up 91 points. The Nifty Realty index also rose over 1% led by a rise in Godrej Properties and DLF stocks.

On Friday, the rupee had lost 23 paise to close at 66.87 against the USA currency.

The 30-share BSE Sensex rose by 146.18 points, or 0.41%, to 35,061.56 in early trade. "Additionally, investor sentiment improved after a tepid United States job data which may slow down FEDs rate hike trajectory", said Vinod Nair, Head of Research, Geojit Financial Services.

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However, investors believe that rising bond yields, falling rupee and a surge in crude oil are the concerns that market will have to deal with in the coming days. M&M, Axis Bank and Tata Steel were the top Sensex gainers.

Barring pharma and IT, all sectors contributed to the rally, with metal, oil & gas, consumer durables, bank, FMCG and auto at the driving seat. Crude oil prices rose by 0.75 per cent to Dollars 75.43 a barrel.

Wockhardt lost almost 8 per cent on account of poor March quarter earnings.

Healthcare fell 0.53 per cent and IT shed 0.01 per cent.

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