Smart Rebound! Sensex climbs over 500 points after 6-day selloff as US Treasury yields subside
The BSE Sensex was trading 500 points higher, above 63,600. Nifty50 was trading above 19,000, up 155 points at around 9.50 a.m.
From the Sensex stocks, Infosys, Tata Steel, M&M, NTPC, SBI and Wipro opened with gains, while only Asian Paints, UltraTech Cement, and HUL opened with cuts.
Among individual stocks, Karnataka Bank rose 5% after the board of the bank approved the allotment of Rs 800 crore on a preferential basis.
Meanwhile, Vodafone Idea shares traded nearly 3% higher despite its consolidated net loss widened to Rs 8,738 crore in Q2 FY24 from Rs 7,595 crore in Q2 FY23.
All major sectoral indices logged gains.
High-weightage banks, financial and IT surged 0.6%, 0.7% and 0.8%, respectively. Metal, realty, media, and auto jumped over 1% each.
The more domestically focussed small and mid-caps rose 1.8% and 1.5%, respectively.
US Q3 GDP grows
The US economy grew at the fastest pace in nearly two years last quarter, fuelled by a surge in consumer spending.
Gross domestic product (GDP) accelerated to a 4.9% annualised rate, more than double the second-quarter pace, according to the government’s preliminary estimate Thursday. The economy’s main growth engine — personal spending — jumped 4%, also the most since 2021.
Global Markets
Asian shares tracked Wall Street futures higher on Friday as Amazon provided some welcome earnings relief, while bonds were able to sustain a rally amid signs US inflation was easing.
S&P 500 futures rose 0.4% while Nasdaq futures rallied 0.7%, driven by a 5% jump in Amazon shares in after-hours trading.
Tokyo's Nikkei rose 1%, but was still down 1.2% for the week. China's blue chips were flat, while Hong Kong's Hang Seng index surged 1%.
Experts Take
«The US economy’s resilience
