Markets open on positive note: Sensex surges over 500 points, Nifty at 9,400-mark; Reliance Industries soars over 3%
Reliance Industries was the top gainer in the Sensex pack, soaring over 3 percent, followed by UltraTech Cement, Maruti, Bajaj Auto, IndusInd Bank and ITC.
Shares on the stock markets climbed on Monday along with their Asian peers, as countries including India began to relax coronavirus lockdowns, spurring optimism about a pick up in economic activity.
— CNBC-TV18 (@CNBCTV18Live) May 11, 2020
All 12 sectoral indexes were in the green, and Reliance Industries Ltd was the biggest boost to the Nifty 50 with a 2.5 percent rise.
The Sensex surged over 500 points in opening session on Monday as strong gains in index-heavyweights Reliance Industries, HDFC, Infosys and positive cues from global markets boosted market sentiment.
After touching a high of 32,182.36, the 30-share index was trading 531.55 points or 1.68 percent higher at 32,174.25. The NSE Nifty surged 148.65 points, or 1.61 percent, to 9,400.15.
Reliance Industries was the top gainer in the Sensex pack, soaring over 3 percent, followed by UltraTech Cement, Maruti, Bajaj Auto, IndusInd Bank and ITC. In the previous session, the BSE barometer settled 199.32 points or 0.63 percent higher at 31,642.70, while the broader Nifty rose 52.45 points, or 0.57 percent, to finish at 9,251.50.
In the midst of all the coronavirus-driven chaos, Reliance Industries seems to have created its own bull market territory through a V-Shaped recovery by concerted efforts to bring quality investors, reduce its net debt and streamline its balance sheet, said Jimeet Modi, Founder and CEO, Samco Securities, to PTI.
"RIL having the highest weight in Nifty50 is also keeping markets on a better footing which in a way is helping to neutralise negative sentiments and is good for the current pandemic-stricken economy,” he added.
Meanwhile, Nestle India and ICICI Bank were trading in the red. Foreign portfolio investors purchased equities worth Rs 1,724.71 crore in the capital market on Friday, provisional exchange data showed.
Besides stock-specific action, foreign fund inflow and firm cues from global markets supported the positive sentiment in the domestic market, traders said. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains.
Rupee opens slightly lower
#Rupee opens mildly lower compared to Friday's close 6.45%, 2029 bond yield at 6.22% Vs Friday's close of 5.96%, rises to highest level since April 22 pic.twitter.com/BZ5YLi8mw2 — CNBC-TV18 (@CNBCTV18Live) May 11, 2020
International oil benchmark Brent crude futures were trading 1.16 per cent lower at $30.61 per barrel.
In India, the death toll due to COVID-19 rose to 2,206 and the number of cases climbed to 67,152, according to the health ministry.
Globally, the number of cases linked to the disease has crossed 41 lakh and the death toll has topped 2.82 lakh.
--With inputs from agencies
Pakistan's currency tumbled to a record low of Rs 255.43 against the dollar, as the country battles a shortage of foreign exchange reserves and a food crisis. The authorities hope that the decline in the rupee will win approval from the International Monetary Fund for much-needed financial aid
The industrialist bought pomegranates from the vendor and settled the payment with digital money. He also informed that Bachche Lal Sahani, a local fruit seller, happened to be one of the first merchants to accept ‘e-rupee’ transactions
Majority of Gulf trade is carried out in US dollars. However, several countries including India and China have been increasingly seeking to pay in local currencies as it lowers transaction costs apart from several other benefits