US shutdown opens floodgate of market gains: Nifty zooms 2%

Mumbai: Renewed optimism on growth outlook amid global buoyancy sparked a massive buying spree on bourses today as the benchmark CNX Nifty surged by a hefty 130 points to reclaim the key 5,900 level on
us shutdown opens floodgate of market gains nifty...
India TV News Desk 03 Oct 2013, 08:10 PM IST
Mumbai: Renewed optimism on growth outlook amid global buoyancy sparked a massive buying spree on bourses today as the benchmark CNX Nifty surged by a hefty 130 points to reclaim the key 5,900 level on NSE.






Financial stocks hogged all the limelight followed by technology, energy, auto, healthcare, capital goods and metal shares.

The failure to break the US budget deadlock and subsequent shutdown of the Federal Government, which entered its third day, had a limited impact on global financial markets.

Most Asian and emerging market stocks rallied for the second straight session on the back of robust economic data from China.

Better-than-expected Q1 current account deficit (CAD) numbers and the Finance Minister's repeated assurances that he will not allow the red lines drawn on the trade gap and fiscal deficit to be breached, further boosted sentiment.

Trading commenced on a cheerful note on across-the-board buying after a holiday.

The strong momentum was maintained throughout the session.

Investors and fund houses turned highly positive on hopes that the impact of the US Government shutdown would curb the economic recovery, prompting the Federal Reserve to maintain its stimulus measures for longer period.

The 50-share index vaulted by a massive 129.65 points, or 2.24 per cent, over the last close to finish at 5,909.70. The Nifty hit a high of 5,917.60 in early trade.

Sesa Goa, JP Associates, Ambuja Cement, Axis Bank, Bank of Baroda, Bajaj Auto, Hindalco, Tata power, NMDC and UltraTech were among the biggest Nifty gainers. FMCG majors HUL and ITC were the only laggards from the index.

Turnover in the cash segment jumped to Rs 12,266.97 crore from 9,015.86 crore on Tuesday.

A total of 6,170.65 lakh shares changed hands in 64,83,809 trades. The market capitalisation stood at Rs 63,38,430 crore.
 
   
 

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