Sensex rises over 186 points, Nifty advances; HDFC Bank, Reliance lead gains amid foreign fund inflows

Share of Reliance Industries too advanced up to 1 percent ahead of its quarterly earnings, scheduled to be announced later in the day.

FP Staff October 18, 2019 10:03:00 IST
Sensex rises over 186 points, Nifty advances; HDFC Bank, Reliance lead gains amid foreign fund inflows
  • Sensex was trading 122.21 points or 0.31% higher at 39,174.27 in morning trade.

  • Top gainers in the Sensex pack included Yes Bank, Vedanta, Hero MotoCorp, PowerGrid, L&T, Bajaj Finance and HDFC Bank, rising up to 3%

  • Share of Reliance Industries too advanced up to 1 percent ahead of its quarterly earnings, scheduled to be announced later in the day

The BSE Sensex rose over 186.28 points or 0.48 percent at 39238.34 at 10.44 AM amid led by gains in index heavyweights HDFC Bank and RIL amid sustained foreign fund inflow. The Nifty was up 53.60 points or 0.46 percent at 11639.95.

The 30-share index was trading 122.21 points, or 0.31 percent, higher at 39,174.27 in morning trade. The broader NSE Nifty advance 32.30 points, or 0.28 percent, to 11,618.65.

Top gainers in the Sensex pack included Yes Bank, Vedanta, Hero MotoCorp, PowerGrid, L&T, Bajaj Finance and HDFC Bank, rising up to 3 percent.

Among stocks, Bharat Heavy Electricals Ltd surged 22.78 percent in early trade after reports of government likely to cut its stake in the company. An inter-ministerial group is expected to meet soon to discuss the stake sale, ANI report.

Yes Bank was up by 6.8 percent while NTPC, UltraTech Cement, Larsen & Toubro and Bajaj Finance gained between 1.3 and 1.7 percent.

Share of Reliance Industries too advanced up to 1 percent ahead of its quarterly earnings, scheduled to be announced later in the day.

On the other hand, Bharti Airtel, Infosys, IndusInd Bank, HCL Tech, Asian Paints and Bajaj Auto fell up to 1 percent.

In the previous session, the 30-share BSE Sensex surged to end 453.07 points, or 1.17 percent, higher at 39,052.06. The broader NSE Nifty too spiked 122.35 points, or 1.07 percent, to settle at 11,586.35.

Sensex rises over 186 points Nifty advances HDFC Bank Reliance lead gains amid foreign fund inflows

Representational image. Reuters.

According to experts, Indian markets also extended its gains partly owing to buoyant global markets, on the back of the Brexit news, and partly due to on-ground earnings which are coming in better than anticipated.

Investor sentiment is also upbeat after Finance Minister Nirmala Sitharaman hinted at further stimulus in FY20, they said.

Foreign institutional investors (FIIs) continued to be net buyers in the capital market, infusing Rs 1,158.63 crore on Thursday, while domestic institutional investors sold shares worth Rs 511.76 crore, data available with stock exchange showed.

Asian stocks edged higher on Friday, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth.

Elsewhere in Asia, bourses in Hong Kong, Shanghai and Seoul were trading in the red, while those in Tokyo were in the green.

The US markets finished higher on Thursday.

Brent futures, the global oil benchmark, fell 0.48 percent to $59.62 per barrel.

The rupee, meanwhile, depreciated by 3 paise against the US dollar to trade at 71.19 in early session.

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