Sensex rebounds 250 points, Nifty above 11,500 in early trade; bank, auto, infra stocks among major gainers

  • Sensex recovered 250.06 points or 0.65% to trade at 38,917.39, while the broader Nifty was up 69.30 points or 0.60% at 11,543.75 in opening trade

  • Among sectors, except IT and metal all indices are trading higher led by the bank, auto, infra, FMCG, pharma, and energy

  • The rupee was trading about 10 paise higher at 70.77 against the American currency in morning deals

The BSE Sensex rebounded over 250 points in opening trade on Tuesday, led by gains in bank stocks, after falling for two straight sessions in a row.

Likewise, the NSE gauge Nifty rose about 70 points in opening deals.

The 30-share Sensex recovered 250.06 points or 0.65 percent to trade at 38,917.39. While the broader Nifty was up 69.30 points or 0.60 percent at 11,543.75 in opening trade.

The Sensex gain was led mainly by Yes Bank, Axis Bank, ICICI Bank, PowerGrid, Tata Motors and HDFC Bank. CONCOR, SCI, Berger Paints, BPCL, Yes Bank, IOC, IndusInd Bank, Hero MotoCorp, Tata Motors, HDFC Bank and Bajaj Finance are among major gainers on the Indices, while losers are DRL, Cipla, Reliance Capital, Ashok Leyland, Vodafone Idea and DHFL.

Among sectors, except IT and metal all indices are trading higher led by the bank, auto, infra, FMCG, pharma, and energy.

On the other hand, ONGC, Bharti Airtel, TCS, HCL Tech, Infosys and Tech Mahindra were among the scrips trading in the red.

 Sensex rebounds 250 points, Nifty above 11,500 in early trade; bank, auto, infra stocks among major gainers

Representative image. Reuters.

On Monday, the Sensex fell 155.24 points or 0.40 percent to 38,667.33, while the Nifty dropped 37.95 points or 0.33 percent to close at 11,474.45.

Investors were cautious in view of reports highlighting governance and structural issues in the financial services space, bringing the financial and banking stocks under immense pressure on Monday, according to a PTI report.

Meanwhile, the rupee was trading about 10 paise higher at 70.77 against the American currency in morning deals.

Foreign investors pulled out Rs 469.40 crore from the Indian equity market on Monday, exchange data showed.

Asian shares inch up, investors pin hopes on US-China talks

Stocks in Asia were mostly higher in early trade on Tuesday. Asian share prices ticked up as some investors clung to hopes that the fourth quarter will bring progress in resolving the United-States trade war that’s cast a shadow over the global economy.

Japan's Nikkei rose 0.74 percent while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.24 percent and Australia's benchmark by 0.25 percent, according to Reuters.

Chinese markets will be shut for a week, starting on Tuesday, to mark 70 years since the founding of the People’s Republic of China.

US stock futures ESc1 rose 0.35 percent in Asia, a day after the S&P 500 gained 0.50 percent.

Technology sectors led New York gains on Monday while US-listed shares of Chinese firms bounced up a tad, after big falls on Friday, with Alibaba up 0.75 percent and Baidu gaining 1.53 percent.

During the July-September quarter, the S&P500 advanced 1.21 percent.

In Europe, the benchmark stock index gained 2.15 percent in the quarter to end at a 16-month high, thanks in part to a weak euro.

White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from US stock exchanges as “fake news”, giving short-term players an excuse to buy back risk assets.

“Whether it was fake news or not, it is becoming harder to know exactly what the U.S. administration will be doing,” said Takashi Hiroki, chief strategist at Monex Securities.

China and the United States are due to resume high-level trade talks next week in Washington.

“It’s not clear how the US-China talks will progress, given there are hard-liners against China in the administration. But if there’s no further escalation in the upcoming meeting, markets will be relieved,” Hiroki said.

Markets in China and Hong Kong are closed for holidays.

--With agency inputs

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Updated Date: Oct 01, 2019 10:13:59 IST