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Journalism of Courage
After clocking the longest losing streak in the last eight years, the BSE Sensex on Wednesday rallied nearly 404 points as investors lapped up recently hammered stocks amid optimism in global markets over the US-China trade talks. Snapping a four-session decline, the rupee also appreciated by 23 paise to end 71.11 against the US dollar due to easing oil prices and a firm greenback.
Reversing a nine-session falling streak, the Sensex stayed in the positive terrain throughout the session before finally finishing at 35,756.26, up 403.65 points, or 1.14 per cent. The broader NSE Nifty soared 131.10 points, or 1.24 per cent, to 10,735.45. The Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight trading days.
Metal, IT and banking counters chalked up smart gains on Wednesday, with Vedanta topping the Sensex winners list with a jump of 4.67 per cent. Other gainers included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent. On the other hand, Hero MotoCorp, HUL, M&M, Bajaj Auto and IndusInd Bank fell up to 0.56 per cent. All the BSE sectoral indices finished in the green, led by metal (2.99 per cent), basic materials (2.24 per cent) and oil and gas (2.19 per cent).
“The market continues to fight the wall of worry, and bulls appear to be unwilling to give up the fight, as Indian equities had a strong day, up 1.3 per cent,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management.
Global markets spurted on hopes of a positive outcome of the ongoing US-China trade negotiations. US President Donald Trump Tuesday said negotiations were going very well, but refrained from committing any extension of the March 1 deadline to arrive at an understanding.
