Sensex rises over 150 points; Nifty touches 11,740-mark; oil, gas, banking, IT stocks rally in early trade

The benchmark BSE Sensex jumped over 150 points in early trade Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results. The 30-share index was trading 157.51 points, or 0.40 percent, higher at 39,127.31. In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26 percent, to 11,740.

In the previous session, the Sensex ended 382.87 points, or 0.97 percent, lower at 38,969.80, and the Nifty plunged 119.15 points, or 1.01 percent, to 11,709.10.

Top Sensex gainers in morning trade include Sun Pharma, Bharti Airtel, ICICI Bank, RIL, HDFC twins, Tata Motors, ONGC, Infosys, Maruti, and Kotak Bank, rising up to 1.38 percent. On the other hand, Yes Bank, IndusInd Bank, ITC, HUL, Bajaj Finance and Tata Steel fell up to 2.84 percent, a PTI report said.

According to experts, investor sentiment turned positive this week after most exit polls forecast a win for Narendra Modi-led NDA. The results of the seven-phase polls will come out Thursday.
Continued foreign fund inflow too buoyed market mood here, traders said.

 Sensex rises over 150 points; Nifty touches 11,740-mark; oil, gas, banking, IT stocks rally in early trade

Representative image. Reuters

Foreign institutional investors bought equity worth Rs 1,185.44 crore on Tuesday, while domestic institutional investors sold shares to the tune of Rs 1,090.32 crore, provisional data available with stock exchanges showed.

Asian stocks fragile

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

Benchmarks on Wall Street ended in the green on Tuesday.

Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies failed to offset deeper worries about trade frictions between the world’s two largest economies.

The Chinese markets, which have endured a volatile few months, started off on a cautious note. The Shanghai Composite Index was last down 0.1 percent.

Australian stocks gave up 0.1 percent and South Korea’s KOSPI fell 0.2 percent. Japan’s Nikkei edged up 0.3 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan moved in and out of the red and last stood little changed.

“Some in the markets will continue to cling on to hopes of the United States and China reaching an agreement at the upcoming G20 meeting,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management, according to Reuters.

“But the ongoing trade conflict looks to be a protracted one, and its potentially negative impact on various economies is becoming a running concern.”

Leaders from G20 nations are scheduled to gather for a summit in Japan at the end of June.

Rupee up 5 paise

The rupee ticked higher by 5 paise to 69.67 against the US dollar on Wednesday amid weakness in the greenback and easing crude oil prices.

Strong FIIs inflows and higher domestic equity markets also improved sentiments for the rupee, forex dealers said, PTI reported.

At the interbank foreign exchange, the domestic unit opened almost flat at 69.70 against the dollar and then it strengthened by 5 paise to quote at 69.67 in early trade.

The rupee had appreciated 2 paise to 69.72 against the US dollar in the previous session.

The US currency was trading lower in the overseas market as the dollar index was down by 0.04 percent to 98.02 against its six global rivals.

Brent crude, the global benchmark, was trading lower by 0.55 percent to 71.78 per barrel.

A report by Goldman Sachs has suggested that the USD/INR would trade near the 69 level in the next three months if the official election outcome bear out the exit poll trends.

--With inputs from agencies

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Updated Date: May 22, 2019 09:57:35 IST