Sensex builds on gains, up 187 points in early trade, Nifty climbs up, oil stock recover

Forex dealers said, besides increased selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

PTI May 25, 2018 11:20:47 IST
Sensex builds on gains, up 187 points in early trade, Nifty climbs up, oil stock recover

Mumbai: The BSE Sensex rose over 187 points in early trade today, extending yesterday's rally on robust buying in IT, energy and banking stocks amid unabated purchases by domestic institutional investors. Asian shares were mixed after US President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un.

The 30-share index jumped 187.14 points, or 0.54 percent, to 34,850.25 with sectoral indices led by IT, tech, power, realty, infrastructure, capital goods, banking and auto trading in the positive zone, rising up to 1.38 percent.The gauge had gained 318.20 points in the previous session.

The NSE Nifty too climbed 48.70 points, or 0.46 percent, to 10,562.55.

Major gainers were TCS, Infosys, Tata Steel, NTPC, HDFC Bank, Yes Bank, M&M, HDFC Ltd, Coal India, Bharti Airtel, Axis Bank, Dr Reddy's, RIL and Maruti Suzuki, rising up to 1.83 percent.

State-owned oil companies IOC, OIL and BPCL recovered after a sharp decline yesterday.

Sensex builds on gains up 187 points in early trade Nifty climbs up oil stock recover

Stock brokers. Representational image. Getty

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,480.51, while foreign portfolio investors (FPIs) sold shares worth Rs 701.93 crore yesterday, as per provisional data.

In Asia, Japan's Nikkei rose 0.09 percent, while Shanghai Composite Index fell 0.24 percent. Hong Kong's Hang Seng was down 0.49 percent in early trade today.

The Dow Jones Industrial Average ended 0.30 percent lower in yesterday's trade on a sharp decline in energy-related shares.

Rupee strengthens

The rupee continued to recover for the second day today, climbing 14 paise to 68.20 against the dollar on increased selling of the greenback by exporters and banks amid rising domestic equity market.

Forex dealers said, besides increased selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee.

The dollar's weakness against some currencies overseas after US President Donald Trump's decision to cancel a summit with North Korean leader Kim Jong Un, supported the rupee.

Yesterday, the local currency had rebounded from near 18-month low to close with gains of 8 paise at 68.34 against the US dollar as the greenback fell against global currencies after minutes of the Federal Reserve committee revealed a relatively dovish stance over interest rate hikes.

 

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