The benchmark BSE Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,300 level in early trade Friday amid value-buying in banking, IT and metal stocks. The 30-share index was trading 201.24 points, or 0.54 per cent, higher at 37,594.72. The broader NSE Nifty was also trading 57.20 points, or 0.51 per cent, up at 11,314.30.
In the previous session on Thursday, the BSE bourse closed 278.60 points, or 0.75 per cent, higher at 37,393.48; and the Nifty rose 100.10 points, or 0.90 per cent, to settle at 11,257.10. Top gainers in the Sensex pack include Yes Bank, Bajaj Finance, Coal India, HDFC, M&M, IndusInd Bank, HUL, TCS and Maruti, rising up to 3.96 per cent. On the other hand, Tata Motors, Infosys, NTPC, Tata Steel, ONGC and HCL Tech fell up to 0.91 per cent.
According to traders, value buying in recently battered stocks lifted key indices. However, volatility may increase ahead of election results, amid continued tensions between the US and China and sustained foreign fund outflow, experts said.
Foreign institutional investors sold equity worth Rs 953.23 crore on Thursday, while domestic institutional investors purchased shares to the tune of Rs 948.00 crore, provisional data available with stock exchanges showed.
Bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions; while, Wall Street indices ended in the green on Thursday. Brent crude futures, the global oil benchmark, were trading 0.30 per cent higher at USD 72.84 per barrel.
Rupee slips 29 paise to 70.32 vs USD in early trade
The rupee declined by 29 paise to 70.32 against the US dollar in opening trade Friday as crude oil prices firmed up and US-China trade related concerns weighed on investor community.
Forex traders said, besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee. The rupee opened weak at 70.22 at the interbank forex market and then fell further to 70.32, down 29 paise over its last close. The rupee had settled at 70.03 against the US dollar on Thursday.
However, a positive opening in domestic equities supported the local unit and restricted the fall. Brent crude futures, the global oil benchmark, rose 0.30 per cent to USD 72.84 per barrel. Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 953.23 crore Thursday, as per provisional data.
Meanwhile, on the global front, China on Thursday warned of retaliation against US President Donald Trump’s order that effectively barred Chinese telecom giant Huawei from the US market, saying Beijing will take “necessary measures” to safeguard rights and interest of its business firms.
The US and China are already locked in a trade battle that has seen mounting tariffs, sparking fears the conflict will damage the global economy.