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Sensex closes 240 points higher, Nifty rises to 10,688 on rupee recovery, lower crude oil price; Sun Pharma, Coal India, L&T top gainers

Market breadth was positive with 1840 stocks closing higher against 846 stocks ending lower on the BSE. 174 stocks were unchanged.

twitter-logo BusinessToday.In        Last Updated: May 28, 2018  | 16:45 IST
Sensex closes 240 points higher, Nifty rises to 10,688 on rupee recovery, lower crude oil price; Sun Pharma, Coal India, L&T top gainers

The Sensex and Nifty gained for a third straight session today boosted by a recovery in rupee and falling crude oil price. While the  Sensex closed 240 points or 0.69% higher at 35,165, the Nifty gained 83 points to 10,688 level. Sun Pharma (7.11%), Coal India (3.22%) and L&T (2.52%) were  the top Sensex gainers.

Market breadth was positive with 1840 stocks closing higher against 846 stocks ending lower on the BSE. 174 stocks were unchanged.

Banking stocks (1.18%), capital goods (2.50%) and oil and gas indexes (2.47% ) were the top gainers on a sectoral basis on BSE. The information technology stocks were the top losers among BSE sectoral indexes falling 1.72% after the rupee recovered nearly 95 paise during the last two trading days. The bank Nifty gained 340 points or 1.30% to 26,614 amid rise in financial stocks.

The Sun Pharma stock rose after the firm posted Rs 1,308 crore in net profit in Q4 of last fiscal. The company had reported a net profit of Rs 1,223.71 crore in the same period of the previous fiscal. Total revenue from operations fell to Rs 6,977.10 crore for the fourth quarter against Rs 7,136.96 crore during the same period of 2016-17.

The stock market gain was led by oil prices which extended even steeper declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as US production gains showed no signs of abating.  Brent crude oil prices were trading around $75 per barrel.

"I think it's a shift in sentiment," said Krish Subramanyam, co-head and equity adviser at Altamount Capital, adding that high crude prices and a weaker rupee had been hurting equities.

The rupee firmed up against the dollar on Monday to its strongest level in two weeks.

Bank of Baroda which reported results on Friday touched its highest level in nearly three weeks despite a quarterly loss. Brokerages expect improvement in the state-run bank from fiscal 2019. Its stock closed 2.97% higher at Rs 145.40.

Shares of NBCC (India) Ltd posted their biggest intraday loss in over two months after the engineering and construction services provider posted weak March-quarter results on Friday.  The firm reported consolidated net profit of Rs 150.41 crore for the quarter ended March 2018 against Rs 166.62 crore  in the same period of the previous fiscal.

Shares of Larsen and Toubro closed 2.52% or 33.80 points higher at 1377.60 on BSE ahead of the firm set to announce its Q4 earnings later in the day.

Global markets

European and Asian shares were mostly higher Monday as investors digested the latest developments regarding North Korea and Italian politics. Crude oil extended losses as traders braced for possible output increases.

France's CAC 40 rose 0.3 percent to 5,557.86 and Germany's DAX advanced 0.3 percent to 12,982.62. Italy's benchmark FTSE MIB dipped 0.1 percent to 22,366.72 after opening higher. British and U.S. markets were closed for public holidays.

Japan's benchmark Nikkei 225 index edged 0.1 percent higher to 22,481.09 and South Korea's Kospi rose 0.7 percent to 2,478.96. Hong Kong's Hang Seng rose 0.7 percent to 30,792.26 while the Shanghai Composite in mainland China dipped 0.2 percent to 3,135.08. Australia's S&P/ASX 200 fell 0.5 percent to 6,004.00. Taiwan's benchmark rose and Southeast Asian shares were mixed.

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