Sensex climbs 1.9% led by bank, IT stocks
The Hindu
‘A strong bounce-back by the Chinese market in anticipation of stimulus supported the trend’
With buying support the S&P BSE Sensex on Tuesday rose 1039.80 points or 1.86% to 56,816.65 points aided by gains seen in banking, finance and IT stocks.
The NSE Nifty-50 index too climbed 312.35 points or 1.87% to 16,975.35.
“Ease in FII selling and crude prices is adding strength to the domestic trend,” said Vinod Nair, head of research at Geojit Financial Services. “Positive global cues and strong bounceback by the Chinese market in anticipation of stimulus supported the trend,” he added.
“The world equity market has stabilised factoring in a 25 bps hike in [interest rates by the] U.S. FED; an in-line policy outlook will be a relief to the market and we may see a drop in volatility,” he said.
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