MUMBAI: The sensex rallied 1,017 points on Friday to close at 57,427 points after the RBI raised interest rate by 50 basis points (100bps = 1 percentage point), which was on expected lines. The sensex had closed in the red in the previous seven sessions. Reliance Industrries and banking & financial stocks led the gains even though foreign funds continued to exit with Rs 1,565 crore net selling on Friday, BSE data showed.
After two months of net inflows, foreign funds were again net sellers in stocks in September with over Rs 9,000-crore outflow, BSE and CDSL data showed. The Nifty closed at 17,094 points, up 276 points. The day’s rally came after seven continuous sessions of losses during which the sensex had lost over 3,000 points.
According to Ajit Mishra of Religare Broking, markets recovered sharply on Friday and gained over 1.5%, tracking firm domestic cues. “The beginning was downbeat however the Nifty recovered and witnessed strong momentum after the monetary policy outcome. All sectors contributed to the move but it was banking & financials which topped the gainers’ list,” Mishra said in a note.
The day’s session also added Rs 3.9 lakh crore to investor wealth with BSE’s market capitalisation at Rs 274.8 lakh crore.
After two months of net inflows, foreign funds were again net sellers in stocks in September with over Rs 9,000-crore outflow, BSE and CDSL data showed. The Nifty closed at 17,094 points, up 276 points. The day’s rally came after seven continuous sessions of losses during which the sensex had lost over 3,000 points.
According to Ajit Mishra of Religare Broking, markets recovered sharply on Friday and gained over 1.5%, tracking firm domestic cues. “The beginning was downbeat however the Nifty recovered and witnessed strong momentum after the monetary policy outcome. All sectors contributed to the move but it was banking & financials which topped the gainers’ list,” Mishra said in a note.
The day’s session also added Rs 3.9 lakh crore to investor wealth with BSE’s market capitalisation at Rs 274.8 lakh crore.