Sensex opens on weak global cues, Nifty climbs to 10,441; TCS cracks 5%, Bank of India shares up
The benchmark BSE Sensex turned choppy on tepid cues from overseas market, despite positive macroeconomic data and appreciating rupee.
Mumbai: The benchmark BSE Sensex turned choppy on tepid cues from overseas market, despite positive macroeconomic data and appreciating rupee.
The 30-share barometer rose 44.58 points, or 0.13 percent, to 33,962.52 in early session. However, a weak trend in other Asian markets following negative lead from Wall Street, restricted the gains.
The gauge rallied 610.80 points in the previous session, logging its biggest single-day gain in two years.
Sectoral indices led by consumer durables, capital goods, realty, bankex, oil & gas, PSU, FMCG, healthcare and auto were trading in the green, rising up to 0.66 percent.
The NSE index Nifty climbed 19.65 points, or 0.18 percent, to 10,441.05.
Major gainers were Wipro, Bharti Airtel, SBI, Sun Pharma, rising up to 2.15 per cent. In early trade, Bank of India shares rose 10 percent on the back of recovery of Rs 7,000 crore from other banks. , TCS, Coal India and NTPC, however, were the top losers.
Shares of Tata Consultancy Services (TCS) cracked nearly 5 percent after Tata Sons on Monday sold a 1.48 percent stake in its flagship IT services firm to raise Rs 8,127 crore ($1.25 billion).
Brokers said buying picked up on select counters on positive economic data. Industrial production expanded to 7.5 percent in January while retail inflation eased to 4.4 percent in February, raising industry clamour for a rate cut by the RBI next month to maintain growth momentum.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 374.65 crore while domestic institutional investors (DIIs) sold shares worth Rs 464.59 crore yesterday, provisional data showed.
Overseas, most Asian stocks were trading lower following a fall in US stocks as focus turned to a US inflation report due today for clues on the pace of US Fed policy tightening.
In Asia, Hong Kong's Hang Seng was down 0.16 percent, Japan's Nikkei fell 0.16 percent and China's Shanghai Composite index slipped 0.17 percent in early trade.
The US Dow Jones Industrial Average closed 0.62 percent lower in Monday's trade.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to historic low.
Chidambaram slams Centre over state of economy, says telecom and aviation sectors on 'verge of collapse'
The former finance minister's remark comes a day after telecom company Bharti Airtel posted a net loss of Rs 15,933 cr in the first quarter of FY 2020-21