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MARKET WRAP: Fiscal stimulus, US-China trade talk hopes lift Sensex 793 pts

S&P BSE mid-cap index settled 207 points, or 1.5 per cent, higher at 13,409 level. Similarly, S&P BSE small-cap index, too, closed at 12,387 level, up 201 points or 1.68 per cent.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKET LIVE: Indices extend gains, Sensex jumps 700 pts, Nifty tops 11,000
staged impressive gains on Monday lifted by banking, NBFCs, and realty stocks. Fiscal stimulus announced by the government on Friday, August 23, lifted sentiment at D-Street where investors rejoiced rollback of super-rich tax on FPIs, upfront capitalisation of public sector banks, and deferment of hiked registration fees for automobiles. That apart, the sentiment was also aided by a possible resumption in trade talks between the United States and China. 
 
The benchmark S&P BSE Sensex vaulted 843 points in the intra-day trade before settling at 37,494 level, up 793 points or 2.16 per cent. HDFC twins, ICICI Bank, ITC, and Larsen and Toubro were the top contributors towards the gains.

HDFC, YES Bank, Bajaj Finance, and ICICI Bank were the top gainers at the 30-share index, while Vedanta, Sun Pharma, and Hero Moto Corp dipped the most. Meanwhile, the broader Nifty50 jumped 241 points in the intra-day deals to close above the psychological mark of 11,000 after three trading sessions. The 50-share index ended at 11,058 level, up 229 points or 2.11 per cent. 

While early morning gains were sold-into after weak global cues due to trade war concerns caught up with the investors, indices rallied again after US President Donald Trump said China wanted to resume trade talks. 

The helped to trim losses at the Nifty metal index, which closed at 2,255 level, down 0.97 per cent. All other sectoral indices ended in the green. Nifty Financial Services index settled 4 per cent higher, followed by Nifty Realty index (up 3.74 per cent), Nifty Bank index (up 3.68 per cent), and Nifty private bank index (up 3.65 per cent). 

In the broader market, S&P BSE mid-cap index settled 207 points, or 1.5 per cent, higher at 13,409 level. Similarly, S&P BSE small-cap index, too, closed at 12,387 level, up 201 points or 1.68 per cent.

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