Assembly Election Result 2019: Sensex jumps over 250 points, Nifty advances 51 points in early trade: HCL Tech up 3%

  • At 9:23 am, the Sensex rose 212 points to 39,271 and Nifty advanced 51 points to 11,655

  • In the previous session on Wednesday, the 30-share Sensex ended 94.99 points, or 0.24 percent, higher at 39,058.83 and the Nifty advanced 15.75 points, or 0.14%, to settle at 11,604.10

  • HCL Tech was the biggest gainer in the Sensex pack, rising over 3%, after the IT major on Wednesday posted a 6.9 percent rise in its consolidated net profit in September quarter

BSE Sensex jumped over 250 points in early trade on Thursday after the early trends from Haryana and Maharashtra assembly elections showed the BJP retaining power in both the states.

Shares ticked up nearly half a percent on Thursday, led by gains in HCL Technologies and Larsen & Toubro Ltd (L&T), as a bunch of robust quarterly earnings reports boosted investor sentiment.

 Assembly Election Result 2019:  Sensex jumps over 250 points, Nifty advances 51 points in early trade: HCL Tech up 3%

Representational image. Reuters.

At 9:23 am, the Sensex rose 212 points to 39,271 and Nifty advanced 51 points to 11,655.

After hitting a high of 39,327.15, the 30-share index was trading 143.09 points, or 0.37 percent, higher at 39,201.92 in morning trade, and the broader NSE Nifty advanced 30.10 points, or 0.26 percent, to 11,634.20.

In the previous session on Wednesday, the 30-share Sensex ended 94.99 points, or 0.24 percent, higher at 39,058.83 and the Nifty advanced 15.75 points, or 0.14 percent, to settle at 11,604.10.

The NSE Bank index rose as much as 0.79% and was on track for its fifth straight session of gains.

HCL Tech was the biggest gainer in the Sensex pack, rising over 3 percent, after the IT major on Wednesday posted a 6.9 percent rise in its consolidated net profit to Rs 2,711 crore for the September 2019 quarter, and raised its revenue growth forecast to 15-17 percent for 2019-20 on the back of strong deal pipeline, according to a PTI report. TechM, Tata Motors, L&T, Vedanta, Yes Bank, ITC, Bajaj Auto, HDFC twins and Kotak Bank rose too up to 2 percent. On Wednesday, the government announced plans to merge loss-making state telecom providers Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd (MTNL.NS), sending shares of the latter up over 4 percent.

Shares of Infosys Ltd slipped nearly 1 percent after the firm said that the US Securities and Exchange Commission and the Securities and Exchange Board of India had started a probe into the whistleblower complaints that were flagged earlier this week.

The telecom index showed a decline. Bharti Airtel, Vodafone Idea and Bharti Infratel were keeping the BSE Telecom index down by nearly 2 percent in a positive market. Out of the total 13 components in the index, 5 were trading with losses around 09:25 hours IST. Foreign institutional investors (FIIs) were net sellers in the capital market, offloading Rs 213.23 crore on Wednesday, while domestic institutional investors sold shares worth Rs 137.38 crore, data available with stock exchange showed. The rupee opened 11 paise higher at 70.80 per dollar against Wednesday's close of 70.91.

The government 10-year benchmark bond yield opened at 6.70 percent against the previous close of 6.69 percent.

--With inputs from agencies

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Updated Date: Oct 24, 2019 11:45:08 IST