MARKET Sensex Surges Nearly 250 Points; ICICI Bank Up 2%
7 June 2018: MSCI's extensive index of Asia-Pacific shares outside Japan-bound up 0.2% to stretch its gains, hitting a 2-1/2 month high for a second decent day. The S&P BSE Sensex, on Thursday, aroused 249.77 points or 0.71 percent higher at 35,428.65 level while the broader Nifty50 was at 10,759.80 marks, 75.15 points or 0.70 percent higher.
The new morning gains in the 50-share Nifty50 pack of the National Stock Exchange (NSE) were influenced by Hindalco (up 1.69 percent), ICICI Bank (up 1.18 percent), Larsen & Toubro (up 0.97 percent), BPCL (up 0.87 percent), and ONGC (up 0.82 percent). Forty-six out of 50 stocks in the Nifty50 index introduced. At about 9:30 am, the Sensex surged as much as 290.12 points over Wednesday's close of 35,178.88 points.
The markets rose a day after the Reserve Bank of India, in a surprise move, lifted the ley lending or repo rate to 6.25 percent but sustained a neutral stance in its June policy outlook. This rate hike from RBI came after a gap of four-and-a-half years, as it became the latest bank in Asia to increase rates recently, to battle inflationary pressures.
Realty stocks mounted 1.27 percent on the NSE. All 12 stocks in the Nifty Bank index raised to a high of 0.79 percent.
The global outlook supported the domestic indices as MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent to extend its gains, hitting a 2-1/2 month high for a second straight day.
In overnight trade, the Dow Jones Industrial Average rose 1.4 percent to 25,146.39, the S&P 500 achieved 0.86 percent to 2,772.35 and the Nasdaq Composite added 0.67 percent to hit its record closing high of 7,689.24. (With Reuters inputs)