Stock markets open in green: Sensex up over 150 points, Nifty above 9,100-mark in opening session; Bajaj Auto top gainer
The Sensex was trading at 157.82 points or 0.51 percent higher at 30,976.43
The stock market indices rose in opening trade after encouraging corporate earnings reports and as the government said it plans to ease curbs on air travel, in a further relaxation of a weeks-long coronavirus lockdown that has bruised the economy.
#CNBCTV18Market | Benchmark indices on Dalal Street see a green opening; #Nifty above 9,100
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— CNBC-TV18 (@CNBCTV18Live) May 21, 2020
Sensex rose over 150 points in opening session on Thursday as investors accumulated index heavyweights HDFC twins, Kotak Bank and Reliance Industries amid mixed cues from global markets.
After rising to 30,989.03, the 30-share index was trading at 157.82 points or 0.51 per cent higher at 30,976.43.
Similarly, NSE Nifty rose 38.45 points, or 0.42 per cent, to 9,105.
Bajaj Auto was the top gainer in the Sensex pack, rallying around 6 per cent, followed by Hero MotoCorp, Kotak Bank, HDFC Bank, Asian Paints and Maruti.
On the other hand, NTPC, ONGC, ITC and Tech Mahindra were among the laggards.
In the previous session, the BSE barometer climbed 622.44 points or 2.06 per cent to settle at 30,818.61, while the broader Nifty rose 187.45 points, or 2.11 cent, to 9,066.55.
Meanwhile, ICRA late on Wednesday sharply lowered its forecast for India’s gross domestic product in 2020-21, projecting a 5% fall, deeper than its earlier estimate of a 1%-2% decline. ICRA is a local unit of ratings agency Moody’s.
Foreign portfolio investors offloaded equities worth Rs 1,466.52 crore in the capital market on Wednesday, provisional exchange data showed.
According to traders, market was trading higher tacking gains in select index heavyweights.
However, concerns over the long-term impact of COVID-19 and worsening China-US relations kept investors on edge.
The number of COVID-19 cases in India spiked over 1.12 lakh, while the death toll rose to 3,435, according to the health ministry.
Globally, the number of cases linked to the disease has crossed 49.96 lakh and the death toll has topped 3.28 lakh.
Bourses in Shanghai and Seoul were trading on a positive note, while Tokyo and Hong Kong were in the red.
Stock exchanges on Wall Street ended with strong gains in overnight session.
International oil benchmark Brent crude futures were trading 0.92 per cent higher at USD 36.08 per barrel.
Gold Rush: How jewellers are benefitting from RBI’s decision to withdraw Rs 2000 notes
The gold market in India is seeing a spurt in sales and it can thank the RBI for it. The central bank’s decision to withdraw the Rs 2000 note from circulation by 30 September has prompted people to buy more gold – with most stores reporting a 20 per cent rise in purchases
India scraps the Rs 2000 note: Will this affect the economy?
The Rs 2000 note will remain legal tender but citizens have been asked to deposit or exchange these notes by 30 September. Analysts say this time the move is expected to be less disruptive as a lower value of notes is being withdrawn over a longer period of time
Why has RBI withdrawn Rs 2000 notes? How is this different from demonetisation?
The RBI has decided to withdraw Rs 2000 denomination of banknotes from circulation under the clean note policy. People have been advised to deposit the currency, which was introduced six years ago, into their bank accounts or swap them for notes of other denominations at any bank