Sensex ends 390 points up

The Nifty bounced back after three days of decline and closed above 7,950 as sentiment turned bullish in global markets as the US Federal Reserve's indicated interest rates will not be hiked earlier than expected.

The Sensex ended the day at 26,637.28; up 390.49 points.

The Nifty shut shop at 7,960.55; up 117.85 points.

The S&P BSE Midcap Index rallied 1.82 per cent and the S&P BSE Smallcap Index surged 1.54 per cent.

Among the sectoral indices, the S&P BSE Capital goods Index gained 3.01 per cent, the S&P BSE Bankex was 2.41 per cent higher, the S&P BSE Power Index advanced 2.25 per cent and the S&P BSE Metal Index advanced 1.76 per cent.

BHEL (up 8.16 per cent), Hindalco (up 5.51 per cent), Zee Entertainment (up 5.10 per cent), Ambuja Cements (up 3.89 per cent) and Punjab National Bank (up 3.33 per cent) were among the Nifty gainers.

Tech Mahindra (2.55 per cent), Jindal Steel (0.60 per cent), NMDC (0.56 per cent), NTPC (0.49 per cent) and Wipro (0.48 per cent) were among the top losers.

The market breadth was positive on the NSE with 923 gainers against 217 losers.
Source : economictimes

Wall Street dips on growth concerns after massive rally

US stocks edged lower on Thursday as concerns over global growth spurred investors to take profits following a massive advance in the previous session.

While domestic news - including job data and corporate earnings - was encouraging, investors continued taking their trading cues from abroad.

German exports dropped by 5.8 per cent in August, their biggest fall since January 2009. The data was the latest indication, following bearish reads on industrial output and industrial orders, that Europe's largest economy was faltering amid broader weakness in the euro zone. Separately, data this week showed growth in the Chinese services sector weakened slightly in September.

The third-quarter earnings season got off to a strong start, with both Alcoa Inc and PepsiCo Inc rallying after results topped expectations.

Alcoa rose 0.8 per cent to $16.19 while PepsiCo was up 0.9 per cent at $94.79.

On the downside, Gap Inc plunged 12 per cent to $36.94 as the S&P 500's biggest decliner a day after it reported weaker-than-expected same-store sales for September and said its chief executive would retire in February.

Jobless claims dropped 1,000 to a seasonally adjusted 287,000 in the latest week. The report supported September jobs data, which also pointed to improving conditions in the labor market.

Wall Street soared on Wednesday, with major indexes posting their biggest one-day jump of the year after the Federal Reserve reassured investors its first rate hike would come when economic data pointed to an economy that could grow without Fed stimulus, rather than on a specific schedule. With the day's advance, the S&P 500 jumped back above its 100-day moving average, a sign of improving near-term momentum.

The Dow Jones industrial average fell 45.98 points, or 0.27 per cent, to 16,948.24, the S&P 500 lost 5.75 points, or 0.29 per cent, to 1,963.14 and the Nasdaq Composite

dropped 13.41 points, or 0.3 per cent, to 4,455.19.

Declining issues outnumbered advancing ones on the NYSE by 1,801 to 888, for a 2.03-to-1 ratio; on the Nasdaq, 1,616 issues were fell and 573 advanced for a 2.82-to-1 ratio favoring decliners.

The benchmark S&P 500 index posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 14 new highs and 33 new lows.
Source : economictimes