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Sensex rises over 200 points, Nifty reclaims 11,450 level; rupee gains 50 paise

At 9:57 am, the Sensex rose 205 points to 37,923 level. The Nifty too gained 72.85 points to 11,442 points. Brent crude, which hit $80 per barrel two days ago, was trading at $78.25 a barrel.

twitter-logo BusinessToday.In        Last Updated: September 14, 2018  | 10:32 IST
Sensex rises over 200 points, Nifty reclaims 11,450 level; rupee rises 50 paise

The Indian market rose in early trade tracking a pull-back in crude oil prices overnight and receding trade tensions between the United States and China. While the Sensex rose up to 341 points to 38,058 level, the Nifty gained 115 points to hit an intra day high of 11,484.

At 9:57 am, the Sensex rose 205 points to 37,923 level. The Nifty too gained 72.85 points to 11,442 points.

Brent crude, which hit $80 per barrel two days ago, was trading at $78.25 a barrel.

Reports suggested about a new round of talks that would give the Chinese government another chance to address US concerns before the Trump administration imposes bigger tariffs.

Top Sensex gainers were PowerGrid (3.62%), YES Bank (2.99%) and Adani Ports (2.18%). Of 30 Sensex stocks, 24 were trading in the green.

Buying activity picked momentum after data released by Central Statistics Office (CSO) on Wednesday showed that industrial production grew at 6.6 per cent in July, while retail inflation cooled to a 10-month low of 3.69 per cent in August.

IT stocks were among the top Sensex losers after rupee rose 50 paise in early trade. In two sessions, the currency has recovered 123 paise from its all time low on report that PM Narendra Modi would hold a meeting to discuss economic scenario and the deteriorating rupee situation over this weekend.

The Infosys stock was the top loser falling 0.69% in trade today. Wipro and TCS too fell over 0.20% respectively.

The rupee strengthened by 50 paise to 71.68 against the dollar in early trade in the forex market. Besides, dollar selling by exporters and banks, the greenback's weakness against other currencies overseas, helped the domestic currency recover, forex dealers said.

They said a higher opening in the equity market and positive macro data released on Wednesday also supported the rupee's recovery, they added.

The BSE midcap index rose 1.24% to 16,289 points. The BSE small cap index too gained 1.11% to 16,625 level.

Consumer durables index on the BSE was the top gainer rising 1.68% to 20,618 level.

All 19 sectoral indexes except BSE IT and BSE Teck indices were trading in the green.

Market breadth was positive with 1521 stocks rising against 468 falling on the BSE. 91 stocks were unchanged.

Global markets

Asian shares were mostly higher Friday, continuing their rally after gains on Wall Street and hopes that regional trade tensions may ease.

Japan's benchmark Nikkei 225 gained nearly 1.0 percent to 23,042 in the morning session. Australia's S&P/ASX 200 was up 0.6 percent at 6,165. South Korea's Kospi added 1.3 percent to 2,316. Hong Kong's Hang Seng rose 0.7 percent to 27,206, while the Shanghai Composite index lost 0.3 percent to 2,679.

The S&P 500 index gained 15.26 points, or 0.5 percent, to 2,904. The Dow Jones Industrial Average rose 147.07 points, or 0.6 percent, to 26,145. The Nasdaq composite jumped 59.48 points, or 0.7 percent, to 8,013. The Russell 2000 index of smaller-company stocks dipped 1.38 points, or 0.1 percent, to 1,714.

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