Sensex Jumps Over 150 pts on Positive Global Cues
Image Source: The Economic Times
Mumbai: Equity benchmark BSE Sensex rose over 150 points on Monday led by gains in HDFC Bank, ITC and HUL, amid positive global cues and foreign fund inflow.
After opening on a volatile note, the 30-share index swung over 200 points in early trade. It was trading 105.79 points, or 0.28 per cent, higher at 38,232.87 at 0945 hours. Similarly, the broader NSE Nifty rose 34 points, or 0.32 per cent, to 11,340.80.
Top gainers in the Sensex pack in the early session included Tata Motors, Vedanta, Tata Steel, Sun Pharma, Bajaj Auto, IndusInd Bank, Bharti Airtel, HUL and SBI, rising up to 4 per cent.
On the other hand, Infosys, PowerGrid, TechM, Kotak Bank and TCS fell up to 3 per cent.
In the previous session on Friday, the BSE barometer ended 246.68 points, or 0.65 per cent, higher at 38,127.08, and the Nifty rose 66.70 points, or 0.59 per cent, to 11,301.25.
Foreign institutional investors (FIIs) turned net buyers in the capital market, infusing Rs 749.74 crore on Friday, while domestic institutional investors sold shares worth Rs 703.02 crore, data available with stock exchange showed.
Domestic equities followed global stocks that rallied after US President Donald Trump announced that US had reached a “very substantial” Phase 1 trade deal with China.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading significantly higher.
Market sentiment, however, remained volatile amid concerns over an economic slowdown after the World Bank on Sunday said India’s growth rate is projected to fall to 6 per cent after a broad-based deceleration in the initial quarters of this fiscal year, traders said.
Markets are also reacting to industrial output data released Friday evening, they added.
Industrial output declined by 1.1 per cent in August due to poor performance by manufacturing, power generation and mining sectors, official data showed.
Further, wholesale inflation data is scheduled to come on Monday, which may also influence trading, according to analysts.
The rupee, meanwhile, appreciated 19 paise against its previous close to trade at 70.83 in early session.
Brent futures, the global oil benchmark, fell 0.51 per cent to USD 60.20 per barrel.