Sensex jumps over 200 points, Nifty reclaims 11,000-mark ahead of GDP announcement; Tata Steel, Vedanta up by 3%

BSE Sensex jumped over 200 points and the Nifty reclaimed the 11,000 level in early trade on Friday led by gains in financial and energy stocks amid positive global cues. The market is also awaiting the government’s official estimate of GDP growth for Q1 FY20 to be released later in the day.

#MarketOpening | Market opens higher following strong global cues https://t.co/mVnQiB26gc

— CNBC-TV18 (@CNBCTV18News) August 30, 2019

The 30-share index was trading 205.70 points, or 0.55 percent, higher at 37,274.63 at 0930 hours, while the broader Nifty rose 61.35 points, or 0.56 percent, to 11,009.65. In the previous session, the BSE barometer ended 382.91 points, or 1.02 percent, lower at 37,068.93, and the Nifty shed 97.80 points, or 0.89 percent, to finish at 10,948.30. Top gainers in the Sensex pack in early trade on Friday included Tata Steel, Vedanta, TCS, Yes Bank, ONGC, Tata Motors, HDFC twins, SBI, IndusInd Bank and ICICI Bank, rising up to 3 percent. On the other hand, TechM, HCL Tech, TCS, Bharti Airtel, Infosys and Asian Paints fell up to 1 percent. [caption id=“attachment_4428589” align=“alignleft” width=“380”]  Stock brokers. Representational image. Reuters.[/caption] Investor sentiment recovered tracking firm cues from global markets, traders said, PTI report said. About 974 shares have advanced, 404 shares declined, and 45 shares are unchanged. Bourses in Shanghai, Hong Kong, Korea and Japan were trading on a positive note in their respective late morning sessions. Exchanges on Wall Street too ended in the green on Thursday. Meanwhile, the Reserve Bank of India on Thursday played down deepening slowdown as just “soft patch mutating into a cyclical downswing”. In the annual report for FY19, the central bank conceded that diagnosing the exact problems was “difficult”, but reiterated that the issues were not structural in nature. Foreign portfolio investors sold shares worth a net of Rs 986.58 crore on Thursday, while domestic institutional investors purchased shares worth Rs 489.23 crore, provisional data showed. Asian shares up Asian shares ticked higher on Friday as China struck a hopeful tone on trade with the United States but continued fears about a global growth slowdown, or even a recession, capped sharp rallies. Investors were focused on a string of economic releases due over the weekend including China’s official manufacturing survey which would provide a good gauge of the real impact from the Sino-US trade war, Reuters said. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent but stayed near a recent 7-1/2 month trough. For the week, it is set for a small weekly loss. Japan’s Nikkei jumped 1% while South Korea’s KOSPI index gained 1.3 percent and Australian shares rose 0.7 percent. Overnight, Wall Street added more than 1% after China’s commerce ministry said Beijing and Washington were discussing the next round of face-to-face talks scheduled for September. The comments spurred hopes for progress in the talks and boosted the Chinese yuan, which snapped a 10-day losing streak. Rupee appreciated 12 paise The rupee, meanwhile, appreciated by 12 paise to 71.67 against the US dollar in early trade on Friday following positive developments in the US-China trade talks. Besides, firm trend in domestic equity markets and easing crude oil prices also revived the rupee sentiment, forex dealers said. At the interbank foreign exchange, the rupee opened strong at 71.76 and gained further strength to touch a high of 71.49 against the US dollar. The domestic currency, however, could not hold on to the gains and was trading at 71.67. The rupee had slipped 3 paise to close at 71.80 against the US currency on Thursday. Global oil benchmark Brent crude was trading 0.17 percent higher at 60.59 per barrel. --With inputs from agencies