 "Sensex surges over 500 points, Nifty hovers around 11,600-mark; auto, bank stocks rally")
The Sensex rallied over 400 points in early session on Thursday, led by gains in banking stocks, tracking positive cues from global markets. Equity indices jumped higher during early hours on Thursday on the back of firm global cues as US President Donald Trump said the trade deal with China may happen soon. The 30-share index was trading 514.33 points, or 1.33 percent, higher at 39,107.85 at 10.15 am, while the broader Nifty rose 169.70 points, or 1.48 percent, to 11,609.90.
#CNBCTV18Market | Major indices open in the green in-line with SGX's indication; Nifty hovers around 11,500 mark
— CNBC-TV18 (@CNBCTV18Live) September 26, 2019
For more LIVE updates, log on to https://t.co/irez2I3cHo pic.twitter.com/n4WRikfSpo
In the previous session on Wednesday, the BSE barometer ended 503.62 points, or 1.29 percent, lower at 38,593.52. The broader NSE Nifty plunged 148 points, or 1.28 percent, to 11,440.20. [caption id=“attachment_4437105” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] Auto stocks led gains on the NSE Nifty, with the sector’s subindex rising about 1%. India’s biggest automaker by market cap Maruti Suzuki was up 2.23 percent. ICICI Bank was also among the gainers for the day, rising 2.5 percent and pushing the private-sector lenders index up 1.2 percent. Top gainers in the Sensex pack in early trade included ICICI Bank, IndusInd Bank, Kotak Bank, L&T, M&M, Bajaj Finance, ONGC, Tata Steel, Maruti, Bharti Airtel, Tech Mahindra and Asian Paints, surging up to 3 percent.
#CNBCTV18Market | Index gainers this morning pic.twitter.com/Cd76Zur1kQ
— CNBC-TV18 (@CNBCTV18Live) September 26, 2019
On the other hand, Yes Bank, HCL Tech, SBI, Infosys, HDFC, PowerGrid, ITC, Sun Pharma and TCS fell up to 3 percent. Among losers, Glaxosmithkline Pharma dropped 3.5 percent after the pharma major suspended distribution of its Ranitidine drug, used to treat stomach-related issues. Yes bank shares were also among the top losers and also shed 3.45 percent said, PTI said.
#CNBCTV18Market | Losers this morning led by financials pic.twitter.com/KgUXYALH1k
— CNBC-TV18 (@CNBCTV18Live) September 26, 2019
According to traders, domestic investors followed cues from global markets that rallied on reports that US President Donald Trump asserted a trade deal with China could happen sooner than expected. The optimism over trade pushed market concerns about US political risks into the background, a day after Democrat lawmakers said they will open an impeachment inquiry into President Donald Trump’s dealings with his Ukraine counterpart. Lifting investor mood, Trump said a deal to end a nearly 15-month trade war with China “could happen sooner” that people think, which would remove a huge shadow over the global economic outlook, Reuters said. Bourses in Hong Kong, Tokyo and Seoul were trading significantly higher in their respective late morning sessions, while Shanghai Composite Index was trading on a negative note. Shares on Wall Street ended in the green on Wednesday. Further, experts continue to believe that the recent policy announcements are structurally positive for equities. The scenario is expected to improve with the monthly derivative settlement and ahead of the much-awaited RBI policy review meet next week, said Gaurav Dua, Sr VP, Head-Capital Market Strategy & Investments, Sharekhan by BNP Paribas. On the currency front, the rupee appreciated 10 paise against its previous close to 70.93 in early session. Oil futures rose in Asia in a sign of cautious optimism about global economic prospects, but some investors warned that an end to trade friction is far from certain. “Every time there is a hint of positive about trade talks markets rise,” said William O’Loughlin, portfolio manager at Rivkin Asset Management in Sydney. “It feels like the markets are looking to rally. It seems the markets haven’t caught on to the fact these headlines about trade bounce around from one day to the next.” Global oil benchmark Brent crude rose 0.10 percent to 62.45 per barrel (intra-day). US crude ticked up 0.07 percent to $56.53 a barrel in a sign some investors anticipate higher demand for energy and fuel in the future due to stronger economic activity. On Wednesday, foreign portfolio investors sold shares worth a net of Rs 342.40 crore, and domestic institutional investors offloaded equities worth Rs 762.48 crore, provisional data showed. --With agency inputs
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