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Sensex jumps 700 points, Nifty above 10,450, Bajaj Finance; M&M among top gainers

Sensex jumps 700 points, Nifty above 10,450, Bajaj Finance; M&M among top gainers

Sensex jumps 700 points, Nifty above 10,450, Bajaj Finance; M&M among top gainers
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By Ajay Vaishnav  Oct 12, 2018 12:37:10 PM IST (Updated)

Indian shares extended gains on Friday, rising by 2 percent as macro-economic concerns abated on a sharp fall in crude oil prices.

Indian shares extended gains on Friday, rising by 2 percent as macro-economic concerns abated on a sharp fall in crude oil prices.

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Risk appetite further got a boost from the recovery in rupee against the US dollar and the Narendra Modi government raising import duty on select communications items to up to 20 percent to check widening current account deficit (CAD).
The Sensex surged nearly 700 points or 2 percent, to 34,700, while the Nifty gained 215 points or up by 2.11 percent, to trade at 10,450.15 at 11.45 AM. Broader markets helped support the rally, with the Nifty rising 2.55 percent.
Both indices are poised to end the week higher for the first time in six weeks. The sharp global selloff on Thursday made it the worst start to the October quarter for the NSE index since 2008.
The BSE MidCap trailed slightly with 2.38 percent gains. Barring IT index, all other sectoral indices are trading in green with maximum gain seen in the auto, metal, and energy space. IT companies earn a majority of their revenues in US dollar.
As many as 40 sectors advanced with maximum gains seen in realty, auto, energy and financial indices. Nifty Bank climbed 2.63 percent or by 652 points to 25,436.
IT and pharma companies were the only ones bucking the trend, with only seven of the 50 Nifty companies down.
Among gainers, shares of Bajaj Finance, M&M, HPCL, BPCL, Maruti Suzuki, ITC, ICICI Bank and Kotak Mahindra rose by up to 6.15 percent. TCS, HCL Technologies, Wipro and Bharti Airtel dipped 3.26 percent.
Tata Consultancy Services (TCS) fell to their lowest level since July 11 this year a day after India's largest software services exporter reported in-line September quarter earnings. Shares dropped as several brokerage firms raised concerns on lower operational efficiency.
The rupee traded at 73.78 against the US dollar at 12.05 PM as oil prices receded from recent highs.
(With inputs from Reuters)
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