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Sensex climbs 300 points on positive economic data, rupee recovery

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Mumbai | The BSE benchmark Sensex reclaimed the 38,000-mark by surging over 300 points in opening trade Friday on heavy buying by domestic institutional investors as the industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low.

The 30-share barometer pushed higher by 318.85 points, or 0.85 percent, to 38,036.81. The gauge had risen 304.83 points in the previous session on Wednesday. Sectoral indices were green across the board, with metal, power, PSU, realty and oil & gas stocks posting sizeable gains of up to 1.66 percent.

The NSE index Nifty was trading above the 11,400-mark, up 84.90 points, or 0.75 percent, at 11,454.80.

Buying activity picked momentum after data released by Central Statistics Office (CSO) on Wednesday showed that industrial production grew at 6.6 percent in July, while retail inflation cooled to a 10-month low of 3.69 percent in August.

The rupee’s recovery by 50 paise to 71.68 against the dollar in early trade on the government’s assurance that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels also added to the momentum.

PowerGrid, emerged top gainer in the Sensex pack, rising 3 percent, followed by Yes Bank at 2.11 percent.

Other big gainers that lifted both the key indices were Maruti Suzuki, Sun Pharma, Vedanta, SBI, Adani Ports, IndusInd Bank, ONGC, NTPC, ICICI Bank, Coal India and Tata Steel.

However, stocks of software exporters such as Wipro, Infosys, and TCS were under pressure after the rupee continued its recovery against the dollar.

Domestic institutional investors (DIIs) remained net buyers, picking up shares worth a net of Rs 541.44 crore on Wednesday. However, foreign portfolio investors (FPIs) gave up shares worth a net of Rs 1,086.39 crore, provisional data showed. Stock exchanges remained closed Thursday on account of Ganesh Chaturthi.

Most other Asian markets too were in a better shape, tracking positive cues from Wall Street on optimism over China-US trade talks.

Hong Kong’s Hang Seng rose 0.79 percent, while Japan’s Nikkei was up 0.97 percent in their early deals. Shanghai Composite Index, however, was down 0.26 percent. The US Dow Jones Industrial Average had closed 0.57 percent higher on Thursday.

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Rupee spurts 29 paise against US dollar in early trade

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Mumbai | The rupee rose 29 paise to 71.15 against the US dollar in early session Wednesday on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets.

At the Interbank forex market, the rupee opened higher at 71.19 and advanced further to quote 29 paise higher at 71.15 against the dollar.

Besides, the dollar falling against other currencies overseas on lingering worries about a global slowdown and continuing US-China trade tensions, supported the Indian rupee, forex dealers said.

However, sustained foreign fund outflows capped the gains, they added.

On Tuesday, the rupee had skidded by 16 paise — its third straight session of loss — to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 78.53 crore, and domestic institutional investors (DIIs) were sellers to the tune of Rs 84.15 crore Tuesday, provisional data showed.

Meanwhile, the benchmark BSE Sensex rose 37.05 points, or 0.10 per cent, to 36,481.69 after rising to 36,521.47 in opening trade.

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Sensex drops over 100 pts on profit-booking, weak global cues

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Mumbai | The benchmark BSE Sensex fell over 100 points on Tuesday after a five-session winning spree as investors cashed profits in IT, metal, banking, consumer durables, power and auto shares amid sustained foreign fund outflows.

Cues from other Asian markets were weak too.

The BSE 30-share barometer dropped 134.05 points, or 0.37 per cent, to 36,444.91 in early trade as index major Reliance Industries, Tata Steel, Tata Motors, ICICI Bank and Maruti Suzuki declined.

The gauge had rallied over 725 points in the previous five sessions.

The NSE Nifty index too slipped by 45.90 points, or 0.42 per cent, to 10,915.95.

Brokers said investors turned cautious and preferred to log profits in recent gainers, dragging down key indices.

Besides, a weak trend at most of other Asian markets on concerns about the global economic outlook, after the International Monetary fund (IMF) slashed its world economic forecast Monday, weighed on the sentiments here, they added.

The IMF lowered its global growth projections for 2019 and 2020 to 3.5 per cent and 3.6 per cent respectively, citing slowdown in several advanced economies around the world more rapidly than previously anticipated.

The laggards were Tata Steel, IndusInd Bank, Vedanta, M&M, Yes Bank, Bajaj Auto, Coal India, Maruti Suzuki, RIL, Axis Bank, Infosys, HCL Tech, HDFC, HDFC Bank, PowerGrid, Asian Paint, HUL and SBI, falling up to 1.70 per cent.

Meanwhile, foreign portfolio investors (FPIs) continued their selling activity on domestic bourses here. They sold shares worth a net Rs 29.79 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 520.80 crore Monday, provisional data showed.

Elsewhere in Asia, Shanghai Composite Index fell 0.73 per cent, Korea’s Kospi was down 0.65 per cent and Taiwan’s index shed 0.21 per cent. Hong Kong’s Hang Seng fell 0.88 per cent and Japan’s Nikkei fell 0.06 per cent.

The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks.

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Sensex rallies over 300 pts, Nifty reclaims 10,800 level

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Mumbai | BSE benchmark Sensex Friday rallied over 300 points and NSE Nifty reclaimed the 10,800 mark on firm global cues, heavy foreign fund inflow and strengthening rupee.

Extending gains for the third session, the 30-share index was trading 306.16 points, or 0.86 percent, higher at 36,113.44. The index had ended 157.34 points, or 0.44 percent, higher at 35,807.28 in the previous session Thursday.

The broader Nifty too jumped 86.75 points, or 0.80 percent, to 10,866.55. The gains on Dalal Street were led by pharma, auto, realty and financial stocks. Top gainers include HDFC duo, Reliance Industries, ICICI Bank, L&T, ITC, HUL, SBI, TCS and Sun Pharma, rising up to 2 percent. On the other hand, Coal India, NTPC and Hero MotoCorp were the top losers, falling up to 1 percent.

According to Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services, markets have been very volatile through the month; state election, global cues and crude oil price movement have kept the market busy.

However, market has seen good recovery since Nifty hit the month’s low on state election result day. Global cues provided good resistance, he said. The rupee, meanwhile, strengthened against the US dollar, up 30 paise at 70.05 a dollar from its previous close. Brent crude, the international benchmark, was up 1.63 percent at USD 53.59 per barrel.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,731.91 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 663.00 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan’s Nikkei fell 0.47 per cent, Hong Kong’s Hang Seng was up 0.12 per cent, Kospi gained 0.66 per cent and Shanghai Composite Index rose 0.15 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index rose 260.37 points, or 1.14 percent, to 23,138.82 in its previous session Thursday.

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