Sensex opens over 200 points higher, Nifty tops 11,600-mark; RIL, Infosys, TCS, Maruti among top gainers

After hitting a high of 39,306.37 points, the Sensex pared some gains to trade 52.71 points, or 0.13 percent, higher at 39,142.74 at 0945 hours, while the broader Nifty advanced 13.40 points, or 0.12 percent to 11,613.60

FP Staff September 24, 2019 10:36:07 IST
Sensex opens over 200 points higher, Nifty tops 11,600-mark; RIL, Infosys, TCS, Maruti among top gainers
  • Sensex pared some gains to trade 52.71 points, or 0.13% higher at 39,142.74 at 0945 hours

  • The broader Nifty advanced 13.40 points, or 0.12% to 11,613.60

  • Strong foreign fund inflow too buoyed market mood here, traders said

The BSE Sensex jumped over 200 points in early session on Tuesday, driven by gains in index heavyweights RIL, Infosys, TCS and Maruti, amid positive domestic and global cues.

Strong foreign fund inflow too buoyed market mood here, traders said.

After hitting a high of 39,306.37 points, the 30-share index pared some gains to trade 52.71 points, or 0.13 percent, higher at 39,142.74 at 0945 hours, while the broader Nifty advanced 13.40 points, or 0.12 percent to 11,613.60

In the previous session on Monday, the BSE barometer soared 1,075.41 points or 2.8 percent to 39,090.03, while Nifty zoomed 326 points or 2.89 percent to end at a two-month high of 11,600.20. Top gainers in the Sensex pack in early trade included RIL, Infosys, Sun Pharma, TCS, Tata Motors, tech Mahindra, Maruti, Vedanta, ONGC, HCL Tech and M&M, rising up to 3 percent.

On the other hand, Bajaj Finance, Yes Bank, Asian Paints, Hero MotoCorp, L&T, HDFC Bank, Kotak Bank and Bajaj Auto fell up to 2 percent. The government's big fiscal stimulus has lifted market sentiment as it is expected to revive growth and capex cycle, said Suveer Chainani, CEO, Institutional Clients Group, Emkay Global Financial Services.

Sensex opens over 200 points higher Nifty tops 11600mark RIL Infosys TCS Maruti among top gainers

Representational image. Reuters

The negative impact of higher fiscal deficit should be mitigated as foreign fund flows should help lift balance of payments, he added.

At 09:33 am, among auto stocks, Exide Industries, Maruti Suzuki, Ashok Leyland and Amara Raja Batteries were trading 2-3 percent higher. However, Bajaj Auto, TVS Motor, Hero MotoCorp and Eicher Motors fell over 0.3 percent.

Shares of RBL Bank added 1.5 percent in the early trade on September 24 after brokerage house Citi has upgraded the rating to buy from neutral. Citi has cut target price to Rs 480 from Rs 550 per share, also lower FY21/22 earnings by 4 percent /7 percent as we build in slower growth.

On Monday, foreign portfolio investor purchased shares worth a net of Rs 2,684.05 crore, while domestic institutional investors bought equities worth Rs 291.95 crore, provisional data showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note in their respective late morning sessions.

On Wall Street, stock exchanges ended marginally lower on Monday. The rupee, meanwhile, appreciated 15 paise against its previous close to 70.79 in early session.

Global shares ticked up on Tuesday after US Treasury Secretary Steven Mnuchin said US-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets.

MSCI’s broadest index of Asia-Pacific shares outside Japan moved up 0.06%, supported by 0.4 percent gains in mainland Chinese shares, while Japan’s Nikkei edged up 0.20 percent after a market holiday on Monday.

US stock futures gained 0.39 percent, helped by comments from US Treasury Secretary Steven Mnuchin that US-China trade talks will resume next week. He later clarified that the negotiations will take place in two weeks.

“The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

“It seems there have been a lot going on behind the scenes,” he said, referring to unusual exchanges in which U.S. President Donald Trump questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions.

That cancellation was seen by markets as a sign all is not well in the US-China talks and helped to send share prices lower on Friday.

Global oil benchmark Brent crude fell 0.54 percent to 64.42 per barrel (intra-day).

--With inputs from agencies

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