What triggered the sharp rally in the Sensex and Nifty on 08 October?
Answer
Answer
On 08 October, the 300 point rally in the Sensex took it above the psychological 40,000 level even as the Nifty closed above the psychological 11,800 level. This was on the back of robust buying in IT stocks like TCS, Wipro and HCL Technologies.
Apart from IT big guns, HDFC Bank, Sun Pharma and Ultratech were among the other big gainers on the indices. TCS bounced on its bonus announcement and the highly improved business performance in the Sep-20 quarter.
The Sensex and the Nifty were also supported by a rally in Asian and European markets on Thursday. Finally Brent Crude also showed a bounce above $42/bbl, and that gives hopes of a possible recovery in global demand.