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F&O expiry: Sensex up 453 pts, Nifty Nov gain sharpest since Mar'16 expiry

SI Reporter/New Delhi 29 Nov 18 | 08:05 AM

(Photo: iStock)

The benchmark indices rallied over 1 per cent on Thursday on the expiry of November-series futures and options (F&O) contracts, led by a sharp gain in rupee and buying in financial counters.

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That apart, positive global cues buoyed by US Federal Reserve Chairman Jerome Powell's speech which suggested that the US rate hikes will be gradual, boosted the sentiment further.

The S&P BSE Sensex ended at 36,170, up 453 points (1.27 per cent), while the broader Nifty50 index settled at 10,859, up 130 points (1.21 per cent). The index recorded its sharpest gain (7.4 per cent) in a series since March 2016 F&O expiry. 

In the currency market, the rupee breached 70-mark against the US dollar for the first time since August 27, rising to 69.81 per dollar in intra-day trade against Wednesday's close of 70.61.

In key stocks, YES Bank settled flat at Rs 161.05, just 0.65 per cent lower on NSE. During the session, the stock continued to remain under pressure, hitting a fresh 32-month low of Rs 147 apiece. Shares of the private sector lender have tanked 19 per cent in the past three days after Moody’s downgraded the bank’s instruments and changed its outlook from stable to negative on Tuesday. Rating agency Icra, too, on Wednesday downgraded the bank’s rating.

Among key sectors, the Nifty Metal index rose 1.92 per cent led by a rise in Vedanta, Hindalco Industries. The Nifty Bank index, too, jumped 1.82 per cent led by HDFC Bank and IndusInd Bank.

In the broader market, the S&P BSE MidCap index rose 0.62 per cent to end at 14,955, while the S&P BSE SmallCap index ended 0.22 per cent higher at 14,353.

Global Markets

Asian stocks rose on Thursday, tracking gains on Wall Street, after the chairman of the US Federal Reserve suggested it may nearing an end to its three-year rate tightening cycle, boosting interest in riskier assets.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent. Australian stocks gained 0.6 per cent and Japan’s Nikkei climbed 0.4 per cent. But the Shanghai Composite Index bucked the trend and slipped 1 per cent.

Oil Prices

Oil prices clawed back some ground from losses in the previous session, but an increase in US crude inventories and uncertainty in the run to an OPEC meeting next week kept markets under pressure.

US crude futures were up 0.3 per cent at $50.41 per barrel after sliding 2.5 per cent the previous day. Brent crude inched down 0.1 per cent to $59.69 per barrel. It has slumped 21 percent this month, during which it fell to a 13-month trough of $58.41.

(with Reuters input)

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Sensex

Company Price Gain (%)
Tata Motors173.754.10
Power Grid Corpn192.503.77
H D F C1,959.152.89
Vedanta205.652.21
Wipro339.802.01

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