Sensex reclaims 35,000-mark, rises over 150 points in early trade; Nifty up by 53 points; Rupee surges

Mumbai: The benchmark BSE Sensex reclaimed the 35,000-mark by surging over 150 points in early trade today on easing geopolitical concerns and a sharp correction in global crude prices.

An appreciating rupee, encouraging earnings by some more companies and easing concerns over US-North Korea summit too boosted investor sentiment.

The 30-share index, which had gained 579.96 points in the previous two sessions, added 156.67 points, or 0.44 percent, at 35,081.54.

Counters such as oil and gas, PSU, healthcare, realty, infrastructure, metal and banking were trading in the positive territory.

The NSE Nifty too edged up by 53.70 points, or 0.50 percent, to 10,658.85.

Sun Pharma shares rose 4.66 percent to Rs 488.30 after the drug maker on Friday posted 6.96 percent increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018.

Other major gainers that supported the indices were Yes Bank, SBI, Tata Steel, Axis Bank, Coal India, ONGC, NTPC, Maruti Suzuki, Asian Paint, HDFC Bank, Bharti Airtel, Dr Reddy's, Bajaj Auto and ITC, rising by up to 1.59 percent.

Brokers watching movement of stocks. Reuters

Brokers watching movement of stocks. Reuters

Traders said building of fresh long positions amid continued buying by domestic institutional investors (DIIs) and Brent crude falling by 1.88 percent to USD 75 per barrel in global markets, kept the bullish sentiment intact.

Meanwhile, on Friday, DIIs bought shares worth a net of Rs 887.76 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 768.29 crore, provisional data showed.

Among other Asian markets, Hong Kong's Hang Seng was up 0.47 percent, Japan's Nikkei up 0.15 percent in early trade today. Shanghai Composite Index rose 0.18 percent

The US Dow Jones Industrial Average ended 0.24 percent lower in Friday's trade.

Rupee surges

The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market today on fresh selling of the greenback by exporters and banks.

Dealers said dollar's weakness against some other currencies overseas, on cooling global crude prices, and early gains in domestic equity markets supported the rupee.

On Friday, the rupee had clocked its biggest single-session rally since March 14, 2017, surging by a whopping 56 paise to close at 67.78 against the US dollar.
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Updated Date: May 28, 2018 11:18 AM

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