Business

Sensex beats Brexit woes to end over 261 pts higher

Agency | March 13, 2019 06:58 PM

MUMBAI:  Sensex and Nifty ended higher on Wednesday despite weak global cues from a fresh wave of political scepticism originating from the UK over the defeat of Brexit deal.

However, a sustained inflow of foreign funds aided the gains in the currency as well as domestic equities.

The financial stocks logged strong gains as market saw the NSE Bank Nifty index touch a fresh high of 28,702 points.

The S&P BSE Sensex advanced by 216.51 points, or 0.58 per cent, to 37,752.17, while the broader Nifty inched up 40.50 points, or 0.36 per cent, to finish at 11,341.70.

"The Brexit woes added volatility in the market but the euphoria in domestic environment supported the indices to stand positive. Domestic inflation continues to undershoot RBI's target level, while weak industrial growth increased the prospects for further action from RBI," said Vinod Nair, Head of Research, Geojit Financial Services.

On the global front, the defeat of Theresa May's latest version of Brexit deal is creating uncertainties in the UK's economic growth, while haven asset like gold inched higher, he added.

Among the index leaders were IndusInd Bank, Yes Bank, Bajaj Finance, HDFC Bank and State Bank of India, while the laggards were Bharti Airtel, Vedanta, Sun Pharma, Tata Steel and Tata Motors(DVR).

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