INDIAN BENCHMARKS: SENSEX ZOOM 777 POINTS, NIFTY 50 RECLAIMS 7200 TO LOG BIGGEST GAIN SINCE MAY 2009
The S&P BSE Sensex surged over 777 points on Tuesday to log its biggest points-wise gains since May 2009.
The Nifty50 reclaimed its crucial resistance level of 7,200. The index surged 235.25 points, or 3.37 per cent, to close at 7222.30.
The gains in the benchmark indices were led by buying in interest-rate sensitive stocks as the commitment by the FM Arun Jaitley to meet the fiscal deficit target for FY16 raised hopes of a rate cut by the Reserve Bank of India in the near-future. A sharp up move on ITC and positive global cues made sure the domestic market end up as the top-performing Asian market for the day.
The broader market traded in line with the benchmark indices with the BSE midcap and small cap indices rising 3.04 and 3.23 per cent, respectively.
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The crucial resistance for Nifty SPOT is now seen at 7260 and above this 7325. Support for the immediate term is now placed at 7145 and next support will be 7090.
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