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Rediff.com  » Business » Sensex gains 155 points on positive global lead, earnings optimism

Sensex gains 155 points on positive global lead, earnings optimism

January 07, 2019 16:48 IST

Gains in realty, teck, IT, power, consumer durables, banking and oil & gas stocks helped both the key indices to score gains.

Illustration: Uttam Ghosh/Rediff.com

Equity benchmark Sensex on Monday climbed over 155 points to close over 35,850, tracking positive cues from global markets coupled with a dovish tone from the Federal Reserve and hopes of better China-US trade relations.

 

The 30-share Sensex opened higher and continued its upward march to regain the 36,000-mark, hitting a high of 36,076.95.

It, however, lost some ground towards the fag-end due to profit-booking and a weak trend in European markets and settled 155.06 points, or 0.43 per cent, higher at 35,850.16.

The gauge had gained over 181 points in the previous session on Friday.

Similarly, the broader 50-share NSE Nifty gained 44.45 points, or 0.41 per cent, to end at 10,771.80 after touching a high of 10,835.95 and a ow of 10,750.15.

Gains in realty, teck, IT, power, consumer durables, banking and oil & gas stocks helped both the key indices to score gains.

Both the US and China have expressed an interest in settling their tariff war.

Envoys of both nations will have discussions during meetings on Monday and Tuesday.

Traders said supportive global cues following robust US jobs data for December and Federal Reserve chairman Jerome Powell's comments that the Fed would be flexible in policy decisions this year and optimism ahead of Q3 earnings season which begins this week also bolstered trading sentiments.

Top software services exporters TCS and Infosys scheduled to report their results for the December quarter on January 10 and January 11, respectively.

Investor sentiment also got a boost after China's central bank announced an easing in policy Friday, with 100 basis points of cut to bank reserve requirements freeing up around $116 billion for new lending, they said.

Meanwhile, domestic institutional investors bought equities to the tune of Rs 240.60 crore, while FIIs sold shares a worth Rs 157.72 crore on Friday, according to provisional data.

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