Bank stocks surge as Sensex rises nearly 300 points; Nifty above 10700

Marcus Newton
May 8, 2018

Fresh buying by domestic institutional investors and optimism ahead of some key earnings added to the momentum, brokers said. Asian markets were also trading in the green as weaker-than-expected United States wage growth helped calm investor fears about rising interest rates and inflation.

At 10.20 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,651.95 points, up 33.70 points or 0.32 per cent from the previous close of 10,618.25 points.

Meanwhile, investors digested last week's trade talks between the USA and China in Beijing, where consensus emerged on some issues.

The NSE 50-share Nifty also firmed up by 97.25 points or 0.92 per cent to 10,715.50 after shuttling between 10,725.65 and 10,635.65.

Broader BSE Midcap and smallcap indices rose 0.55 per cent and 0.56 per cent, respectively, trailing benchmark Sensex. Banking, consumer durables and auto sector stocks were the top gainers among the BSE sectoral indexes.

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M&M was the biggest gainer in the Sensex kitty, rising 3.68 per cent, followed by Axis Bank, which advanced 2.82 per cent.

On the other hand, Coal India (1.64%), Tata Consultancy Services (1.53%), Dr Reddy'S Laboratories (1.46%), Cipla (1.16%), Sun Pharmaceutical Industries (1.00%), and HDFC Bank (0.55%) were the major losers in the Sensex.

In the domestic market, on Friday, investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore, according to provisional data.

The US Dow Jones Industrial Average ended 1.39 percent and Nasdaq Composite Index closed 1.71 percent higher on Friday.

Other reports by MaliBehiribAe

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