Sensex Up 320 Points, Banking Stocks Back in Favour
The key equity indices rose close to 1 per cent during the afternoon session of the trade on Wednesday, led by gains in financials and auto stocks.
Mumbai, December 12: The key equity indices rose close to 1 per cent during the afternoon session of the trade on Wednesday, led by gains in financials and auto stocks.
According to analysts, the markets ignored the sudden resignation of Urjit Patel, perhaps because it might lead to a more liberal monetary policy with the appointment of Shaktikanta Das as the new Rserve Bank of India Governor.
At 1.30 p.m., the Sensex traded at 35,467.62 points, higher by 317.61 or 0.90 per cent from the previous close. It has touched an intra-day high of 35,554.36 and a low of 35,167.47 so far.
The Nifty50 traded at 10,643.20 points, higher by 94.05 or 0.89 per cent from the previous close.
"The positivity is surprising but there is possibility that the markets are comfortable from the fact that either the Congress or BJP will be dominant during the upcoming general elections," Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.
"...historically the economy has grown better with a majority or a coalition led by either BJP or Congress."
All the sectors on the BSE, except the energy stocks, traded in the green. Also key sectors finance and banking outperformed the benchmark index. In contrast, an analyst said a possible hung Parliament in 2019 will be a concern to the market.
(The above story first appeared on LatestLY on Dec 12, 2018 02:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).