Sensex jumps over 200 points in early trade led by gains in ITC, Infosys, bank stocks; IndiGo tumbles 7%

After hitting a high of 39,241.61, the 30-share Sensex was trading 137.92 points or 0.35% higher at 39,158.31 in morning trade

FP Staff October 25, 2019 10:39:39 IST
Sensex jumps over 200 points in early trade led by gains in ITC, Infosys, bank stocks; IndiGo tumbles 7%
  • After hitting a high of 39,241.61, the 30-share index was trading 137.92 points or 0.35% higher at 39,158.31 in morning trade

  • The Nifty50 on the National Stock Exchange was trading at 11,584, higher by 1.40 points or 0.01% from its previous close

  • Shares of Indigo's parent, InterGlobe Aviation Ltd, were down as much as 5.4% after the company posted its biggest-ever quarterly loss on Thursday

Sensex rose over 200 points in early trade on Friday led by gains in index heavyweights Infosys, ITC, HDFC Bank, ICICI Bank and SBI, amid mixed domestic cues. Gains in bellwether stocks ITC Ltd and Infosys Ltd buoyed sentiment as investors studied a raft of corporate earnings amid concerns over slowing global economic growth.

After hitting a high of 39,241.61, the 30-share index was trading 137.92 points, or 0.35 percent, higher at 39,158.31 in morning trade, and the broader NSE Nifty advanced 31.25 points, or 0.27 percent, to 11,613.85.

At 9.25 a.m., the Sensex was trading at 39,067.10, higher by 46.71 points or 0.12 percent from the previous close of 39,020.39 points.

The Nifty50 on the National Stock Exchange was trading at 11,584, higher by 1.40 points or 0.01 percent from its previous close.

The Nifty PSU Bank index, which tracks the country’s state-owned lenders, rose as much as 1.2 percent, with shares of State Bank of India climbing 2.32 percent ahead of quarterly results later in the day.

ITC was the top gainers in the Sensex pack, rising over 2 percent, after the company reported a 37.06 percent rise in consolidated net profit at Rs 4,173.72 crore for the second quarter ended September.

SBI, Infosys, ICICI Bank, Tata Steel, Asian Paints, HDFC Bank and Maruti too gained up to 2 percent.

In the previous session on Thursday, the 30-share Sensex ended 38.44 points, or 0.10 percent, lower at 39,020.39. The broader NSE Nifty slipped 21.50 points, or 0.19 percent, to 11,582.60.

IndiGo, Vodafone shares down

Shares of the country's biggest airline IndiGo’s parent InterGlobe Aviation Ltd were down as much as 5.4 percent, after the company posted its biggest-ever quarterly loss on Thursday. Vodafone Idea Ltd continued its downward tumble early on Friday, slipping as much as 16.09 percent, while Bharti Airtel Ltd slipped as much as 1.92

Sensex jumps over 200 points in early trade led by gains in ITC Infosys bank stocks IndiGo tumbles 7

Representative image. Reuters.

percent after the Supreme Court on Thursday upheld a demand by the country’s telecoms department that wireless carriers pay 920 billion rupees ($12.97 billion) in overdue levies and interest.

FIIs, net sellers in market

Foreign institutional investors (FIIs) were net sellers in the capital market, offloading Rs 72.87 crore on Thursday, while domestic institutional investors sold shares worth Rs 738.75 crore, data available with stock exchange showed. According to experts, mixed news flow on the domestic front is likely to keep the market volatile throughout the day. Supreme court's to allow the Centre to recover dues of about Rs 92,000 crore from telcos has shaken the telecom companies, as well as their lenders like private and public banks, said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities. Also, Assembly Elections results were little below expectations that has increased short term nervousness in the market, he added.

Rupee opens flat

The Indian rupee on Friday opened on a flat note at 71.06 against the US dollar, tracking volatility in domestic equities and unabated foreign fund outflows. At the interbank foreign exchange, the rupee opened at 71.06, showing a decline of 4 paise over its previous closing.

The Indian rupee on Thursday closed at 71.02 against the US dollar.

The domestic currency recovered some lost ground and was trading at 70.98 against the US dollar at 0940 hrs.

Traders said rupee is trading in a narrow range as market is awaiting fresh cues on the potential US-China trade deal.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.58 percent to USD 61.31 per barrel.

Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 72.87 crore on Thursday, as per provisional data.

Domestic bourses opened on a cautious note on Friday with benchmark indices Sensex trading 28.16 points up at 39,048.55 and Nifty rising 9.20 points to 11,591.80.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 percent to 97.69.

The 10-year government bond yield was at 6.50 percent in morning trade.

Meanwhile, gains in broader Asian shares were capped by fresh uncertainties around Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan edging up 0.13 percent as gains were.

--With inputs from agencies

Updated Date:

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