Sensex surges 307 points to reclaim 36,000, Nifty up 83 points; auto, metal, banking stocks gain
Extending its winning run for a fifth session, the BSE Sensex soared over 307 points to close at 36,270, driven mainly by auto, metal and banking stocks and positive global cues.
Mumbai: Equity benchmark Sensex continued its winning streak for a fifth straight session on Monday, surging over 307 points with gains mainly in auto, metal and financial stocks as investors maintained their bullish stance in view of strengthening rupee, narrowing trade deficit and sustained foreign fund inflows.
Besides, market participants took cues from stronger Asian markets.
The 30-share BSE Sensex closed at 36,270, showing a rise of 0.85 percent or 307 points. In the intra-day trade, the gauge hit a high of 36,312.
The Sensex had climbed 1,003.21 points in the previous four sessions.
Similarly, the broader NSE Nifty ended at 10,888, a gain of 0.77 percent or 83 points, after shuttling between 10,900.35 and 10,844.85.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 861.94 crore Friday, while DIIs sold equities to the tune of Rs 303.52 crore, provisional data showed.
The Indian rupee was trading 37 paise higher at 71.53 against the US dollar, tracking positive domestic macro-economic data.
India's trade deficit stood at $16.67 billion for November 2018 as against $17.13 billion in the previous month.
Analysts attributed the market performance to stabilisation of crude and rupee and also highlighted improved domestic macros' importance in providing a positive momentum to the market.
Among Sensex constituents, Tata Motors emerged as the best performer by surging 4.10 percent, followed by PowerGrid at 3.77 percent.
Vedanta Ltd shares climbed as much as 2.21 percent after the NGT set aside the Tamil Nadu government order for closure of the company's copper plant at Tuticorin, saying it was "non sustainable" and "unjustified".
Other index gainers include HDFC (2.89 percent), Wipro (2.01 percent), Tata Steel (1.88 percent), Coal India (1.88 percent), HDFC Bank (1.75 percent), IndusInd Bank (1.71 percent), RIL (1.70 percent), ICICI Bank (1.68 percent), NTPC (1.67 percent), ITC Ltd (1.61 percent), ONGC (0.95 percent), Maruti Suzuki (0.71 percent) and Bajaj Auto (0.55 percent).
Adani Ports, Yes Bank, M&M, TCS and Sun Pharma too were in fine shape and rose up to 0.50 percent.
Bucking the overall trend, Kotak Bank, Infosys, Bharti Airtel, Hero MotoCorp, HUL, Asian Paint, Axis bank, L&T and SBI fell up to 2.50 percent.
Sectorally, the BSE metal index moved up 2.03 percent, followed by energy index 1.54 percent, oil and gas 1.34 percent, power 1.31 percent, infrastrcuture 1.14 percent, PSU 1.13 percent, FMCG 0.93 percent and bankex 0.56 percent.
However, capital goods, consumer durables, realty and teck indices ended lower by up to 0.27 percent.
Overseas, Asian markets ended higher with Japan's Nikkei rising 0.62 percent, followed by Shanghai Composite Index 0.16 percent, Hong Kong's Hang Seng 0.02 percent, Taiwan index 0.14 percent and Korea KOSPI 0.08 percent.
However, European shares were lower in late morning deals. Paris CAC 40 fell 0.40 percent, Frankfurt DAX was down 0.03 percent and London's FTSE dropped 0.18 percent.
The markets extended their negative streak for the fifth successive session as US Federal Reserve Chair Jerome Powell warned of further hikes if the inflation levels do not come down
BSE Midcap and Smallcap indices fell between 0.6 and 0.8 percent. India VIX ended marginally lower. Oil and gas, pharma and consumer durables fell over 2 percent.
BSE Midcap fell over 1 percent while BSE Smallcap declined almost 3 percent. India VIX slid to 22.41 levels. Metal slid almost 4 percent, while FMCG was the biggest gainer