Sensex extends gains, climbs 181 pts on global cues, ICICI surges over 6%; Rupee slips 7 paise against dollar in early trade

Mumbai: The BSE Sensex advanced about 181 points in early session today, maintaining its positive form for the second straight day on unabated buying by domestic institutional investors amid positive leads from Asian markets following overnight gains on the Wall Street. The 30-share Sensex, which had gained 292.76 points in the previous session, rose another 180.73 points, or 0.51 percent, to 35,388.87. The NSE Nifty also traded above the 10,750 mark by gaining 43.05 points, or 0.40 percent, to 10,758.55. Overseas, Asian markets were trading higher following firm leads from Wall Street overnight. Oil prices retreated from three-and-a-half-year highs as investors waited on an announcement by President Donald Trump on whether the US will reimpose sanctions on Iran. Sectoral indices, led by bank, healthcare, consumer durables, power, FMCG, capital goods and PSU, were in the positive zone, rising by up to 0.88 percent.

ICICI Bank topped the gainers list by surging 6.89 percent even as the private sector lender yesterday posted a 45 percent plunge in Q4 profit at Rs 1,142 crore due to a spike in bad loans.

Other gainers were Yes Bank, Axis Bank, ITC, ONGC, Dr Reddy’s, Coal India, Sun Pharma, RIL, Adani Port, SBI, Bharti Airtel, Asian Paints and Power Grid, rising up to 1.73 percent. Brokers said continued buying by domestic institutional investors and a firming trend in Asia accelerated buying activity. [caption id=“attachment_4428589” align=“alignleft” width=“380”]  Stock brokers. Representational image. Reuters.[/caption] Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 1,037.23 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 635.24 crore yesterday, provisional data showed. Japan’s Nikkei quoted 0.31 percent higher while Hong Kong’s Hang Seng gained 1.26 percent in their early deals. China’s Shanghai Composite Index also edged higher by 0.59 percent. Rupee slips The rupee weakened by 7 paise to trade at a fresh 15-month low of 67.20 against the US dollar in early trade today due to appreciation of the American currency overseas amid sustained foreign capital outflows. Dealers attributed the rupee’s fall to increased demand for the US currency from importers. However, a higher opening in the domestic equity market capped the losses. Oil prices retreated from three-and-a-half-year highs as investors waited on an announcement by President Donald Trump on whether the US will reimpose sanctions on Iran. The rupee had closed yesterday at a 15-month low of 67.13 against the US currency following a surging demand for the dollar as crude oil prices zoomed past USD 75 per barrel level.