Sensex Halts Worst Losing Streak Since 2011
Closing Bell: Sensex, Nifty Join Global Stock Rally
Indian equities snapped their worst losing streak in eight years joining a global markets rally led by optimism over U.S.-China trade talks.
Also aiding sentiment was the buoyant outlook on India’s economy and corporate earnings. The benchmark S&P BSE Sensex gained 1.2 percent to 35,770 while the NSE Nifty 50 Index climbed 1.3 to 10,742. This was their best performance since Jan. 31.
The market breadth was tilted in favour of buyers. About 1,098 stocks advanced and 635 shares declined on National Stock Exchange. All 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 2.8 percent rally.
Indian Equity Benchmarks At Day's High
With less than half-an-hour of trade left, Indian equity benchmarks are trading at the session’s high. The S&P BSE Sensex Index gained nearly 400 points to 35,765 while the NSE Nifty 50 was up 1.3 percent at 10,740.
Block Deal Alert: SBI Life Insurance
About 10 lakh shares of SBI Life changed hands in a block deal on National Stock Exchange, Bloomberg data showed. Buyers and sellers were not known immediately.
Shares of the company fluctuated between gains and losses to trade 0.1 percent lower at Rs 562 on NSE after the block deal.
European Stocks Open Higher
European equities opened higher taking cues from their Asian counterparts which gained due to optimism over U.S.-China trade talks.
Metal Stocks Rally Paced By Gains In JSPL, Vedanta
Shares of the steel makers were leading the fightback with the NSE Nifty Metal benchmark gaining for a second straight session. Jindal Steel contributed the most to the index gains. NALCO was the biggest drag.
Metal stocks have been reeling with the gauge losing 12.6 percent of its market value so far this year.