Indices end losing streak of 6 sessions on strong global cues
The 30-share BSE Sensex gained 634.65 points, or 1.01 per cent, to end at 63,782.8. The NSE's Nifty 50 rose 189.95 points, or 1.01 per cent to finish at 19,047.2.
“Markets were in an oversold zone after a six-session fall and investors were already anticipating a relief rally soon. Aided by a recovery in several Asian indices, domestic equities bounced back sharply on strong all-round buying support and Nifty once again retained the 19,000-mark,” said Amol Athawale, Vice President (Technical Research), Kotak Securities Ltd.
Domestic equity markets snapped six continuous days’ losing streak and rebounded over 1 per cent on Friday, tracking strong global cues.
Asian markets surged after data showed that the US economy accelerated at its fastest pace in over two years to grow at 4.9 per cent in the third quarter. The US market also gained after strong earnings from e-commerce giant Amazon.
The 30-share BSE Sensex gained 634.65 points, or 1.01 per cent, to end at 63,782.8. The NSE’s Nifty 50 rose 189.95 points, or 1.01 per cent to finish at 19,047.2.
Between October 18 and October 26, the 30-share BSE slipped by 3,280 points, or 4.9 per cent, and the Nifty 50 dropped by 954 points, or 4.82 per cent as foreign portfolio investors (FPI) sold domestic shares on concerns over escalating geo-political tensions and rising bond yields in the US market.
Share
