Sensex reclaims 33K mark on bargain hunting, PSB surgehttps://indianexpress.com/article/business/market/sensex-reclaims-33k-mark-on-bargain-hunting-psb-surge-4940989/

Sensex reclaims 33K mark on bargain hunting, PSB surge

The Sensex hit the day’s high of 33,165.15 before settling up 346.38 points, or 1.06 per cent, at 33,106.82. This is the highest closing since November 10 when it had closed at 33,314.56.

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The Sensex had lost 554.12 points in the previous three sessions on subdued exports, higher inflation and muted second quarter earnings of some companies.

Led by Reliance and Infosys, the Sensex on Thursday staged a strong comeback of 346 points to reclaim the key 33,000-mark on bargain hunting and buying in PSU banks stocks. The Sensex hit the day’s high of 33,165.15 before settling up 346.38 points, or 1.06 per cent, at 33,106.82. This is the highest closing since November 10 when it had closed at 33,314.56. The Sensex had lost 554.12 points in the previous three sessions on subdued exports, higher inflation and muted second quarter earnings of some companies.

The NSE Nifty closed at 10,214.75, a hefty gain of 96.70 points, or 0.96 per cent, after touching a high of 10,232.25 and a low of 10,139.20. Both the indices recorded single-biggest gains since November 1. The market reversed its three-session losing spell as Reliance Industries led the rally with a gain of 2.27 per cent after global crude oil prices dropped. Infosys which jumped by 3.85 per cent was the top gainer.

Investors ignored poor macro numbers. On the macro front, data released by the government recently showed that India’s trade deficit widened to $14.01 billion in October 2017 as against a deficit of $11.13 billion during October 2016. Exports fell 1.1 per cent in October while imports grew by 7.6 per cent.

Meanwhile, shares of Anil Ambani-led Reliance group of companies, including Reliance Communications and newly listed mutual fund arm recovered on Thursday after seeing a sharp plunge Wednesday. Shares of the companies were up in the range of 1 to 16 per cent on BSE due to heavy buying. The scrip of Reliance Nippon Life Asset Management Company rose 7.02 per cent to close at Rs 272.05 after the firm clarified that it has zero exposure to RCom in debt or equity.

RCom shares surged by 16.26 per cent to settle at Rs 11.80. Among others, Reliance Home Finance climbed 8.54 per cent to close at Rs 71.80, Reliance Infrastructure grew as much as 6.71 per cent to end the day’s trade at Rs 445.40 and Reliance Power closed 4.11 per cent higher at Rs 36.75.