Growth initiatives, easing geopolitical tensions boost market

Oil industry well pumps, nodding donkey rig pumps crude oil up from the ground on an oil field in the desert. Bahrain, Middle East

Mumbai, Jan 9 (IANS) Centre’s initiative to boost growth in the upcoming Union Budget and easing geopolitical tensions in the Middle East pushed Indian equities market higher on Thursday.

As tensions in the Middle East seem to subside for the time being, gold and crude prices took a dip, thereby, boosting investors’ sentiments.

India, which imports over 80 per cent of its crude requirements, would have suffered due to elevated levels of oil prices.

Besides, the Centre’s outreach efforts to meet India Inc. representatives and economists enhanced investors’ risk-taking appetite.

Consequently, the S&P BSE Sensex on Thursday jumped over 630 points, tracking gains on the Asian markets.

The barometer index — Sensex — closed the day’s trade at 41,452.35, higher by 634.61 points or 1.55 per cent from the previous close of 40,817.74 points.

It had opened at 41,216.67 and touched an intra-day high of 41,482.12 and low of 41,175.72 points.

The Nifty50 on the National Stock Exchange closed at 12,215.90 points, higher by 190.55 points or 1.58 per cent from the previous close.

“Expectation for initiatives to boost growth in the upcoming Budget and easing tensions in the Middle East seem to have cheered the investors,” said Vinod Nair, Research Head, Geojit Financial Services.

“The government is poised to bring initiatives and policy measures to support economic growth to benefit equities for the long term,” Nair added.

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