Sensex ends 578 points up as bulls get back into the market
- Author: Rita Burton Apr 08, 2018,
Apr 08, 2018, 1:00
The dollar index, which measures the USA currency's strength against major currencies, was trading at 90.161, up 0.02% from its previous close of 90.142.
However, there was a twist in the tale as markets nosedived in the late afternoon session on the back of some fresh worries arising on the trade war between the United States and China.
The 30-share Sensex opened positive and advanced to a high of 33505.53 but succumbed to a sudden selloff in the afternoon, hitting a low of 32972.56.
Sensex took a breather on Friday after Thursday's 577 point rally as traders book profit in recent gainers.
The wider Nifty of the National Stock Exchange (NSE) traded lower by 8.00 points or 0.08 per cent at 10,317.15 points. The gauge had lost 351.56 points in the previous session.
The nervousness was seen on other bourses with European markets trading in the negative zone in early deals. However, Japan's Nikkei bucked the trend as it rose 0.13 per cent.More news: Remains of Indians killed by IS in Iraq to reach home today
The market indices on Thursday rallied after the Reserve Bank of India (RBI) kept its repo rate and reverse repo rate unchanged at 6 percent and 5.75 percent respectively.
The tension could also be felt on the Chinese yuan, which suffered its biggest daily fall versus the dollar in two weeks.
"Markets have corrected very well and now awaiting bounces in the corporate earnings momentum", said Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services. Barring Nifty Auto, all other sectoral indices closed in the red.
Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund, said, " The output of eight core infrastructure sector, constituting 40.27% of the weight of items included in the Index of Industrial Production, increased 5.3% in February 2018 over February 2017".