Sensex 300. jumped up

Mumbai : Sensex, the leading stock market index, climbed over 300 points in the weekend trade on the back of buying in banking, financial services, consumer staples and auto sectors, ending three consecutive sessions.

Monday’s trading started with a bearish trend in the local markets, tracking a negative trend globally, especially in major capital markets in Asia. However, the major indices soon recovered from the initial fall. As a result, the Sensex ended the day at 59,141.23 with a gain of 300.44 points. Similarly, the Nifty index closed 91.40 points higher at 17,622.25 at the end of the day. Out of 30 Sensex stocks, 22 stocks were up. As the US Central Bank – Fed’s scheduled announcement (September 21 midnight IST) draws closer, global markets seem to be engulfed in volatility. The latest inflation rate in the US is above estimates. The overall tighter policy stance suggests another major interest rate hike. As a result of which the withdrawal of foreign investors from India is naturally seen. However, this trend will be short-lived. Vinod Nair, Head of Research, Geojit Financial said, as there will be policy stability towards the end of the year given the moderating trend in inflation.

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