Mumbai: Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP's B S Yeddyurappa was sworn in as the chief minister of Karnataka. Unabated buying by domestic institutional investors set the tone, brokers said.
BJP legislature party leader B S Yeddyurappa was today sworn in as the chief minister of Karnataka for the second time, after an overnight high-voltage legal battle in the Supreme Court.
The 30-share Sensex bounced 122.13 points, or 0.34 percent, to 35,510.01. It had lost 168.83 points in the previous two sessions.
All the sectoral indices, led by consumer durables, realty, metal, power and banking, were in the green.
The NSE Nifty also jumped 36.15 points, or 0.33 per cent, to 10,777.25.
Major movers in the Sensex kitty included Coal India, Power Grid, Wipro, SBI, Kotak Bank, Sun Pharma, ICICI Bank, TCS, Infosys, M&M, L&T and Maruti Suzuki, rising up to 1.79 per cent.
Tata Steel, however, fell 0.83 per cent despite the company yesterday reporting a consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March, 2018.
Domestic institutional investors (DIIs) bought shares worth a net Rs 229.06 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 699.22 crore yesterday, as per provisional data.
In the rest of Asia, Japan's Nikkei rose 0.44 per cent, Hong Kong's Hang Seng inched up 0.01 per cent, while Shanghai Composite Index shed 0.35 per cent in early deals.
The US Dow Jones Industrial Average ended 0.25 per cent higher yesterday as retailers results and solid economic data boosted confidence in the American economy. PTI SUN DPL KPS ABM
Rupee gains 10 paise
The rupee firmed up by 10 paise to 67.70 against the US dollar in early trade today on increased selling of the American currency by banks and exporters amid the greenback's weakness against some currencies overseas.
Besides, the BJP forming the government in Karnataka and a higher opening in domestic equity market supported the rupee, forex dealers said.
Yesterday, the rupee had gained 27 paise at 67.80 against the US currency on suspected RBI intervention to stem further fall in the domestic currency.
Updated Date: May 17, 2018 11:17 AM