Sensex rises over 200 pts on positive global cues
Mumbai: The BSE benchmark Sensex jumped over 200 points in early trade Friday led by gains in realty, metal, oil and gas and banking stocks amid positive global cues on hopes of a trade deal between the US and China.
The BSE gauge Sensex was trading 200.69 points, or 0.52 per cent, higher at 38,885.41. The 30-share Sensex index settled 192.40 points, or 0.49 per cent, lower at 38,684.72 in its previous session.
Similarly, the NSE benchmark Nifty rose 60.45 points, or 0.52 per cent, to 11,658.45 in early session.
Top gainers in the Sensex pack include IndusInd Bank, Yes Bank, Infosys, TCS, Vedanta, M&M, Kotak Bank, M&M, Sun Pharma, ONGC and ICICI Bank, rising up to 1.60 per cent.
On the other hand, Asian Paints, Hero MotoCorp, Bharti Airtel, PowerGrid, HUL, Maruti and SBI were the top losers, falling up to 0.74 per cent.
According to traders, investors followed cues from other Asian markets which were trading on a positive note US President Donald Trump on Friday said the United States and China are close to entering into a trade agreement and something very “monumental” could be announced in next four weeks.
Top Chinese and US officials are meeting in Washington to reach an agreement after the world’s two biggest economies entered into a trade war and imposed tariffs on more than USD 360 billion in two-way trade.
Investors were cautious about the downward revision in GDP growth to 7.2 per cent for FY20 by the Reserve Bank of India, while premium valuation and concerns over monsoon further impacted the sentiment. However, dovish view by global central banks and a likely better results in Q4FY19 can stabilise the market in the near-future, experts said.
Meanwhile, foreign institutional investors (FIIs) pulled out Rs 226.19 crore Thursday, and domestic institutional investors (DIIs) bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed.
On the macro front, the rupee appreciated 10 paise to trade at 69.07 to the US dollar in early trade on Friday.
Brent crude futures, the global oil benchmark, fell 0.22 per cent to trade at USD 69.25 per barrel.
Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.