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.
— 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.
Strong buying was seen in banking and metal stocks. Tata Steel was the biggest gainer on the bourses, rising over 5 percent
On the first day of the new monthly futures & options series, Both BSE Sensex and NSE Nifty 50 climbed over 1 percent. In terms of sector, IT was the biggest gainer, followed by metal
In terms of sectors, media was the biggest drag. Auto, banking and financial services saw minor gains. India VIX jumped to 25.64 levels.