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Sensex rises over 200 points; Nifty tops 11,600 mark in early tradehttps://indianexpress.com/article/business/market/sensex-rises-over-200-points-nifty-tops-11600-mark-in-early-trade-5648076/

Sensex rises over 200 points; Nifty tops 11,600 mark in early trade

According to experts, global economic growth concerns and US Federal Reserve's dovish view on rates will give a positive impetus to emerging markets like India.

Sensex rises over 200 points; Nifty tops 11,600 mark in early trade
Top gainers include Vedanta, Yes Bank, SBI, Tata Motors, Tata Steel, Sun Pharma, HCL Tech, M&M, NTPC, TCS and HUL, rising up to 2.22 per cent.

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty breached the 11,600 level in early trade Friday driven by heavy buying in realty, metal and pharma stocks amid unabated foreign fund inflows and positive global cues.

The 30-share index pared some ground and was trading 82.05 points, or 0.21 per cent, up at 38,627.77. It had rallied 412.84 points to 38,545.72 in the previous session.

The broader Nifty also gained 50.85 points, or 0.44 per cent, to 11,620.85 in morning trade.

Top gainers include Vedanta, Yes Bank, SBI, Tata Motors, Tata Steel, Sun Pharma, HCL Tech, M&M, NTPC, TCS and HUL, rising up to 2.22 per cent.

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While, IndusInd Bank, Bajaj Auto, Bajaj Finance, Coal India, HDFC, PowerGrid and Axis Bank were among the top laggards, shedding up to 0.82 per cent.

All sectoral indices were trading in the green with BSE telecom, healthcare, metal, tech and power indices surging up to 1.80 per cent.

“The rise in equity market currently looks like a catch-up rally just before the 2019 general elections, especially in the case of private banks which are making new highs,” said Hemang Jani, Head – Advisory, Sharekhan by BNP Paribas.

According to experts, global economic growth concerns and US Federal Reserve’s dovish view on rates will give a positive impetus to emerging markets like India.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,594.51 crore Thursday, while domestic institutional investors (DIIs) sold shares worth Rs 2,080.22 crore, provisional data showed.

The rupee, meanwhile, appreciated 15 paise against its previous close to trade at 69.15 in early session.

In the Asian region, Hong Kong’s Hang Seng rose 0.75 per cent, Korea’s Kospi was up 0.31 per cent, Shanghai Composite Index soared 2.36 per cent and Japan’s Nikkei rallied 0.95 per cent in late morning trade.

On Wall Street, the US Dow Jones Industrial Average ended 0.36 per cent higher on Thursday.

Rupee rises 15 paise to 69.15 against US dollar in early trade

The rupee appreciated by 15 paise to 69.15 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and higher opening in the domestic equity market.

At the Interbank Foreign Exchange (forex), the domestic unit opened strong at 69.20 then gained further momentum and was trading at 69.15, higher by 15 paise over its previous close.

On Thursday, the rupee slumped 42 paise to end at 69.30 against the US dollar.

Forex traders said, the weakening of the US dollar against some currencies overseas supported the local unit, however rising crude oil prices capped the gains.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was marginally up by 0.01 per cent at 97.21.

Brent crude futures, the global oil benchmark, was trading 0.55 per cent up at USD 68.19 per barrel.

Foreign portfolio investors (FPIs) bought equities worth a net Rs 3,594.51 crore Thursday, provisional data showed.

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Meanwhile, the benchmark BSE Sensex was trading with gains of 72.81 points, or 0.19 per cent, at 38,618.53 in early trade Friday.