Sensex rises over 200 points, Nifty inching towards 12,100-mark in early trade on foreign fund inflow, positive global cues

On Tuesday, the Sensex touched its all-time intra-day high of 41,120.28 before closing down by 67.93 points or 0.17 percent at 40,821.30.

FP Staff November 27, 2019 10:28:52 IST
Sensex rises over 200 points, Nifty inching towards 12,100-mark in early trade on foreign fund inflow, positive global cues
  • After hitting a high of 41,075.76, the 30-share index was trading 207.41 points higher at 41,028.71 in morning session

  • Yes Bank was the top gainer in the Sensex pack rallying up to 5%, followed by Tata Motors, M&M, HDFC

  • Short-covering ahead of the expiry of November derivatives contracts on Thursday is also contributing to the rally

Equity benchmark indices rose in the morning trade on Wednesday amid positive signals from the Sino-US trade talks and subsequent gains in the Asian shares.

Market benchmark BSE Sensex jumped over 200 points while Nifty was inching towards 12,100-mark in early trade led by gains in HDFC twins, TCS and RIL as unabated foreign fund inflow and positive global cues enthused investor sentiment.

After hitting a high of 41,075.76, the 30-share index was trading 207.41 points, or 0.51 percent, higher at 41,028.71 in the morning session. Similarly, the broader Nifty rose 59.30 points, or 0.49 percent, to 12,096.75.

Yes Bank was the top gainer in the Sensex pack rallying up to 5 percent, followed by Tata Motors, M&M, HDFC, HDFC Bank, Maruti, IndusInd Bank, Vedanta and TCS.

Sensex rises over 200 points Nifty inching towards 12100mark in early trade on foreign fund inflow positive global cues

Representative image. Reuters.

On the other hand, ICICI Bank, Tata Steel, L&T and ITC were trading in the red.

On Tuesday, the Sensex touched its all-time intra-day high of 41,120.28 before closing down by 67.93 points or 0.17 percent at 40,821.30. The Nifty also soared to a new peak of 12,132.45 in day trade before giving up gains to end lower by 36.05 points or 0.30 percent at 12,037.70.

According to analysts, sustained foreign fund inflow amid positive cues from global markets buoyed market sentiment.

Short-covering ahead of the expiry of November derivatives contracts on Thursday is also contributing to the rally, traders said.

Foreign institutional investors bought shares worth Rs 4,677.75 crore in the capital market in the previous session, while domestic institutional investors sold equities worth Rs 4,242.01 crore, data available with stock exchange showed.

Meanwhile, the Asian shares rose on Wednesday as upbeat signals from Sino-US trade talks fanned hopes of an easing of tariff hostilities, while expectations the Federal Reserve will keep interest rates low supported sentiment.

The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday and stoked confidence in Asia with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.19 percent. Australian shares added 0.65 percent and Japan's Nikkei rose 0.36 percent.

Chinese blue-chip shares, in contrast, dropped 0.39 percent after the data showed profits at China's industrial firms declined in annual terms for the third consecutive month in October, tracking sustained drops in producer prices and exports and underscoring slowing momentum in the world's second-largest economy.

US President Donald Trump said on Tuesday the United States and China are close to agreement on the first phase of a trade deal after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.

But while Trump said Washington was in the “final throes” of work on a trade deal with Beijing, he also underscored US support for protesters in Hong Kong, seen as a sore point for Beijing.

Stocks on Wall Street ended in the green on Tuesday.

On the currency front, the rupee appreciated by 10 paise to 71.40 against the US dollar in early trade on Wednesday as positive opening in domestic equities and sustained foreign fund inflows strengthened investor sentiments.

Forex traders said easing crude oil prices also supported the domestic unit.

At the interbank foreign exchange the rupee opened at 71.43, then gathered momentum and touched 71.40 against the US dollar, registering a rise of 10 paise over its previous close.

Brent futures, the global oil benchmark, slipped 0.24 percent to $63.06 per barrel.

With inputs from agencies

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