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Sensex ends higher to close below 60,000 mark

New Delhi: With the Sensex index ending below 60,000 points after reaching that level earlier in the day, propelled by a larger risk assets rally, equity indexes close the session higher but pare some gains earlier in the session. At the end of the week, riskier bets benefited from assets regarded the market’s improved attitude, […]

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New Delhi: With the Sensex index ending below 60,000 points after reaching that level earlier in the day, propelled by a larger risk assets rally, equity indexes close the session higher but pare some gains earlier in the session.
At the end of the week, riskier bets benefited from assets regarded the market’s improved attitude, which was represented in wide increases in global stocks, especially European equities, and a weakening dollar.

Even battered cryptocurrencies like bitcoin, which is back above $20,000 and up 7%, climbed against the dollar.

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The NSE Nifty-50 index increased 34.60 points, or 0.19 percent, to 17,833.35, while the 30-share BSE Sensex index increased 104.92 points, or 0.18 percent, to 59,793.14. The 30-share BSE Sensex index reached an intra-day high of 60,119.80 earlier in the session but finished Friday below that level.

Also Read :-Sensex ends higher to close below 60,000 mark

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Equity indices ended the day higher for the second straight session thanks to gains on Friday.

“Both the Sensex and Nifty Indexes gained 1.7 per cent each over the past week. The Indian markets were buoyed by falling crude prices and a decline in domestic bond yields. Autos were the top losers in the week, while banks, capital goods and healthcare were the top gainers among major sectors,” said Shrikant Chouhan, Head of Equity Research for Retail at Kotak Securities.

The dollar fell as a result of a widespread increase in risk assets, and as investors watched the US inflation data early the following week, it was on track to post its first weekly loss in four weeks.

In fact, the dollar index, which measures the performance of the dollar versus six important rivals, decreased 1% on Friday and closed at 108.400. The currency lost ground overall and was expected to drop 1.1% on a weekly basis, marking the first dip in around a month.

Global shares were expected to record their first weekly increase in four weeks, easing some of the bear-market concerns that were circling the markets as a result of monetary tightening, oil issues, and China’s slowing economy on COVID-19 shutdowns.

Jerome Powell, the chair of the Federal Reserve, confirmed an aggressive policy course at the same time.

Also Read :-Revenue of Indian Railways up 38% to Rs 95,486.58 cr until August-end

“The markets have finally digested the fact that rates are almost certain to go up by 75 basis points when the Fed moves next,” JoAnne Feeney, partner and portfolio manager for Advisors Capital Management, said on Bloomberg TV.

“What we are seeing, though, is some recognition that perhaps the sell-off that we saw in the second half of August was a bit overdone,” she said.

In contrast to the optimistic atmosphere in equity markets on Friday, Bank of America analysts warned that investors are running away from US stocks as the likelihood of an economic downturn rises amid different hazards, according to Bloomberg.

Also Read :-Share Market: Baba Ramdev to bring IPO, Patanjali Food shares rise

The bank reported that US equity funds lost $10.9 billion in the week ended September 7 as per data from EPFR Global. Technology companies were the main culprit in this outflow, which was the biggest in 11 weeks.

Nevertheless, the major Wall Street indexes posted modest gains during the course of the night, pushing the S&P 500 beyond 4,000 points for the first time since late August.

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Written By

Vikas Kumar

Updated By

Manish Shukla


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

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