Market Cheers Greece Deal, Sensex Surges 300 Points

Hopes of a rate cut by the Reserve Bank in the wake of weak IIP numbers buoyed trading sentiment too.

Published: 13th July 2015 05:29 PM  |   Last Updated: 13th July 2015 05:29 PM   |  A+A-

Stock Market

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. |Reuters

By PTI

MUMBAI: Indian market gave the Greece deal a big thumbs-up with the benchmark BSE Sensex rising 300 points for the second day to 27,961.19 -- its biggest single-day gain in three weeks -- driven by across-the-board buying activity and tracking upbeat global stocks.

"An easing of crude prices provided the additional strength to the Indian market which was initiated by global rally led by Greece bailout. The new Greece bailout deal will provide an immediate relief to global risk," Vinod Nair, Head Fundamental Research, Geojit BNP Paribas Financial Services.

Hopes of a rate cut by the Reserve Bank in the wake of weak IIP numbers buoyed trading sentiment too.

Besides, a higher closing at other Asian markets and a better opening in European markets, which jumped up to 3 per cent, had a positive impact, brokers said.

The 30-share index opened higher and quickly regained the crucial 28,000-mark in afternoon trade to hit the day's high of 28,005.17.

But profit-booking at improved levels dragged it down below the 28,000-mark, which settled at 27,961.19, a rally of 299.79 points, or 1.08 per cent, its biggest single-session gain since June 22 when it had rallied 414.04 points.

Intra-day, the gauge had scaled the 28,000-level for the first time since July 8.

Similarly, the 50-share Nifty recaptured the 8,400-level to hit a high of 8,471.65, before settling higher by 99.10 points, or 1.19 per cent, at 8,459.65.

Asian stocks ended higher after eurozone leaders reached an agreement over a third bailout for Greece. Key benchmark indices in Japan, Taiwan, Singapore and South Korea ended up by 0.96 per cent to 1.57 per cent.

China shares were trading higher as Beijing's efforts to reverse a stock selloff appear to be holding up in mainland China, the Shanghai Composite rose by 2.39 per cent and Hong Kong index rose by 1.30 per cent.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp