Bulls Return to Street As Sensex Posts Best Day in 3 Months, RIL Jumps 6%

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Bulls Return to Street As Sensex Posts Best Day in 3 Months, RIL Jumps 6%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended the volatile week on a positive note, rallying up to 3% and logging their biggest single-day gains in more than three months.

The domestic market followed global cues, especially the strong gains witnessed in Asian markets and US equity futures. Further, the market heavyweight Reliance Industries (NS: RELI ) jumped over 6% in the session, registering its biggest gain in 18 months. Its surge led to a 142 points surge in the index.

Nifty50 ended the session 2.89% higher and Sensex jumped 1,534.16 points or 2.91%, as global markets gained, especially the Asian markets. Moreover, China’s central bank cut a key interest rate from 4.6% to 4.45%, cheering investors, in an attempt to support growth.

‘Today's gains marked the market’s latest attempt at a recovery following weeks of steep losses’, stated an ET report.

All sectoral indices listed under the Nifty basket ended the session in the green, led by realty, pharmaceutical and PSU bank stocks. Nifty Realty rallied 4.21%, while Nifty Bank ended 2.88% higher.

“Today's gains marked the market’s latest attempt at recovery following weeks of steep losses. With concerns over an economic slowdown and rate hikes across the globe, investors will continue to invest with caution,” stated Vinod Nair of Geojit Financial Services.

On the Nifty50 index, only two stocks ended in red, UPL (NS: UPLL ) and Shree Cements (NS: SHCM ), while Dr. Reddy’s Laboratories (NS: REDY ) zoomed almost 8% and Reliance Industries (NS: RELI ) surged 8%.

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