Business & Finance

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

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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