Sensex spurts over 170 points, Nifty above 11,900-mark in choppy trade amid easing oil prices; NTPC, Tech Mahindra among top gainers

  • After swinging nearly 330 points, the benchmark Sensex finished 172.69 points or 0.43% higher at 40,412.57

  • Yes Bank topped the laggard's list for the second straight day, plunging 15.33% while Vedanta, Hero MotoCorp, L&T, Bharti Airtel and HUL also tumbled up to 1.63%

  • ADB on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1% saying consumption was affected by slow job growth and rural distress aggravated by poor harvest

Mumbai: The BSE benchmark Sensex rose over 170 points to close at 40,412 on Wednesday, helped by fag-end buying mainly in auto, IT and oil & gas stocks amid easing crude prices.

After swinging nearly 330 points, the index finished 172.69 points or 0.43 percent higher at 40,412.57.

Similarly, the 50-scrip NSE Nifty appreciated 53.35 points or 0.45 percent to close at 11,910.15.

 Sensex spurts over 170 points, Nifty above 11,900-mark in choppy trade amid easing oil prices; NTPC, Tech Mahindra among top gainers

Representational image. Reuters.

In the Sensex kitty, NTPC was the top gainer, spurting 2.77 percent rise, followed by ONGC, Tech Mahindra, Kotak Bank, TCS, Asian Paints, IndusInd Bank and Tata Motors, which gained up to 2.28 percent.

On the other hand, Yes Bank topped the laggard's list for the second straight day, plunging 15.33 percent. Vedanta, Hero MotoCorp, L&T, Bharti Airtel and HUL also tumbled up to 1.63 percent.

The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1 percent, saying consumption was affected by slow job growth and rural distress aggravated by poor harvest.

"After a subdued trade during most part of the day, market witnessed a sharp turnaround due to short covering in index heavyweights. Upcoming macro indicators like CPI inflation and IIP data are unlikely to paint a rosy picture which may reduce upside potential in the near term. On global front, FOMC meeting, UK election and US tariff deadline remain key events," said Vinod Nair, head of eesearch at Geojit Financial Services.

Sectorally, BSE Utilities was the biggest gainer with 1.52 percent jump, followed by oil & gas (1.13 percent), power (1.12 percent), IT (0.97 percent), realty (0.90 percent) and finance (0.58 percent).

On the other hand, basic materials, capital goods, industrials, telecom, consumer durables and metal declined up to 0.81 percent.

"India's growth is now seen at a slower 5.1 percent in fiscal year 2019-20 as the foundering of a major non-banking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch. Also, consumption was affected by slow job growth and rural distress aggravated by a poor harvest," it said.

Meanwhile, the rupee appreciated by 14 paise to trade at 70.78 against the US dollar (intra-day).

Brent futures, the global oil benchmark, slipped 0.40 per cent to $64.08 per barrel.

Global sentiment was cautious ahead of the deadline for new US tariffs on Chinese goods.

In Asia, Tokyo and Bangkok ended lower, while Hong Kong rose 0.79 percent and Shanghai added 0.2 percent. Seoul and Singapore also finished in the green.

In Europe, London FTSE 100 fell 0.2 percent, while Frankfurt's DAX and Paris' CAC 40 were trading in the positive territory in early deals.

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Updated Date: Dec 11, 2019 17:56:46 IST