Sensex jumps over 300 points after appointment of Shaktikanta Das as new RBI governor; banking, auto, FMCG stocks in positive zone

Mumbai: Rising for the second straight session, the equity benchmark BSE Sensex Wednesday advanced over 300 points in early trade after former bureaucrat Shaktikanta Das was named as the new governor of the Reserve Bank of India (RBI).

The 30-share index was trading higher by 324.94 points, or 0.92 percent, at 35,474.95. All the sectoral indices, led by banking, auto, and consumer durables stocks were trading in the positive zone.

The NSE Nifty too rose by 98.50 points, or 0.93 percent, to 10,647.65.

Representative image. . Reuters

Representative image. . Reuters

Top gainers on the BSE include Yes Bank HeroMotocorp, Bharati Airtel, M&M, Tata Steel, Kotak Bank, Tata Motors and Axis Bank.

Brokers said investor sentiment got a boost after the appointment of the new RBI Governor on hopes that it will now address the liquidity issue and could help public sector banks in their recapitalisation programme, besides helping in stabilising short-term investor sentiment.

Das was on Tuesday named the new governor of the Reserve Bank of India after Urjit Patel abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

The Sensex was up 190.29 points on Tuesday to end at 35,150.01, after falling over 500 points intra-day. And the broader NSE Nifty rose 60.70 points to end at 10,549.15.

Asian market rallied in the morning trade after the US President Donald Trump appeared hopeful of a trade deal with China. Japan's Nikkei was trading higher by 1.96 percent and Shanghai Composite Index 0.20 percent.

Meanwhile, the rupee plunged 32 paise to 72.17 per US dollar in early trade. And the global benchmark Brent crude was trading higher by 1.08 percent at 60.85 per barrel.

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Updated Date: Dec 12, 2018 10:28 AM

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