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Sensex climbs 300 points on positive economic data, rupee recovery

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Sensex

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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Sensex drops over 200 points; Nifty below 11,100

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Sensex

Mumbai | The BSE Sensex dropped over 200 points in early trade Monday on increased selling of realty, consumer durables, auto and banking stocks, amid weak Asian cues and surging global crude oil prices. The depreciating rupee also dampened investor sentiment.

The 30-share index, after opening positive at 36,924.72, quickly succumbed to selling pressure and fell by 210.22 points, or 0.57 percent, to 36,631.38 in early trade. The gauge has lost 1,249.04 points in the previous four sessions.

Similarly, the NSE Nifty declined by 65.50 points, or 0.59 percent, to 11,077.60 after a touching a high of 11,170.15. Sectoral indices led by realty, consumer durables, auto, banking and healthcare were trading in the negative zone, falling up to 1.66 percent.

Major losers were Bharti Airtel, Maruti Suzuki, Hero MotoCorp, M&M, Kotak Bank, Adani Ports, HDFC, ICICI Bank, Yes Bank, Axis Bank, PowerGrid and IndusInd Bank, shedding up to 2.32 percent.

Shares of Dewan Housing Finance Corporation rebounded nearly 25 percent to Rs 438.75 after the company stated that it had not defaulted on any bonds or repayment nor had there been any single instance of delay on any of its repayment of any liability. The company’s shares had tumbled 42.43 percent in the previous session on Friday following massive selling over fears of a liquidity crisis.

Brokers said market sentiment remained weak in the absence of any encouraging factor and fresh weakness in the rupee, coupled with rising global crude oil prices, which again went past the USD 79 per barrel mark. The rupee depreciated 29 paise to 72.49 against the US dollar at the interbank forex market.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 760.70 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 497.03 crore on Friday, provisional data showed. Elsewhere in Asia, while Japan and Chinese markets were shut Monday on account of a public holiday, Hong Kong’s Hang Seng fell 1.29 percent. The Dow Jones Industrial Average, however, gained 0.32 percent to end at record high Friday.

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Gold slumps Rs 250 on weak global cues, low demand

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New Delhi| Gold prices plunged by Rs 250 to Rs 31,450 per 10 grams at the bullion market here on Saturday, tracking a weak trend overseas amid easing demand from local jewellers.

However, silver hardened by Rs 70 to Rs 38,150 per kg on scattered enquiries from industrial units and coin makers.

Marketmen said sentiment turned bearish after gold prices fell in global markets as the dollar firmed on persistent concerns about an escalating trade war between the US and China.

Globally, gold fell 0.68 per cent to USD 1,198.70 an ounce and silver 0.38 per cent to USD 14.25 an ounce in New York in Friday’s trade.

Fall in demand from local jewellers and retailers at the domestic spot markets too put pressure on gold prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs 250 each to Rs 31,450 and Rs 31,300 per 10 grams, respectively. The precious metal had gained Rs 50 yesterday.

Sovereign, however, remained flat at Rs 24,500 per piece of eight grams.

On the other hand, silver ready advanced by Rs 70 to Rs 38,150 per kg and week-based delivery by Rs 15 to Rs 37,590 per kg.

Silver coins, however, were unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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Sensex rallies over 300 pts, Nifty reclaims 11,300-mark

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Sensex

Mumbai | The BSE Sensex rebounded over 300 points in opening trade Friday on value-buying in select bluechip stocks amid a firm trend in the global market on easing trade war concerns.

Sustained buying by domestic institutional investors and a strengthening rupee also supported the recovery. The 30-share BSE index recovered by 305.88 points, or 0.82 percent, to 37,427.10 in early trade. The stock market was shut Thursday on account of Muharram.

The Sensex had lost 969.42 points in the previous three sessions. The NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 percent.

Sectoral indices, including metal, oil and gas, PSU, power, infrastructure, healthcare, consumer durables, FMCG, capital goods, auto and banking stocks, rose up to 1.62 percent.

Major gainers were Tata Steel, ICICI Bank, Axis Bank, Asian Paints, M&M, NTPC, Tata Motors, HDFC, ITC, Coal India, Bajaj Auto, SBI, RIL, HDFC Bank and Kotak Bank, rising up to 3.76 percent.

While, Yes Bank was the top the losers in the Sensex pack by plunging 19 percent after the RBI asked its managing director and CEO Rana Kapoor to step down after an extended term till January 31, 2019. Other losers were Infosys, HUL and TCS, falling up to 0.46 percent.

Meanwhile, domestic institutional investors (DIIs) made purchases worth a net of Rs 1,201.30 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,184.55 crore Wednesday, provisional data showed. Overseas, most Asian shares were trading higher, tracking positive closing in the US market overnight.

Shanghai Composite Index was up by 0.90 percent, Hong Kong’s Hang Seng rose 1 percent. Japan’s Nikkei too inched 0.50 percent higher after a data release earlier showed that the country’s nationwide core consumer price index for the month of August rose 0.90 percent compared to a year ago. The US Dow Jones Industrial Average ended 0.97 per cent higher Thursday.

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