Sensex rises over 300 points, Nifty nears 10,900; Sun Pharma, HDFC, Vedanta top gainers
BusinessToday.In December 28, 2018
The Sensex and Nifty were trading higher in afternoon trade amid tepid gains in Asian markets tracking a rally on the Wall Street. While the Sensex rose 325 points to 36,126, Nifty gained 97 points to 10,877.
Sun Pharma (2.70%), HDFC (2%) and Vedanta (1.99%) were the top Sensex gainers.
Of 30 Sensex stocks, 26 were trading in the green.
Top Sensex losers were Bajaj Auto (0.38%), Asian Paints (0.32%) and Hero MotoCorp (0.13%).
Top sectoral gainers were banking stocks with the BSE bankex rising 334 pts to 30,361 and BSE consumer durables gaining 267 pts to 20,387. BSE capital goods index also gained 191 points to 18,748 level.
Meanwhile, the mid cap and small cap indices were trading 0.69% and 0.74% higher in early trade.
Market breadth was positive with 944 stocks trading higher compared to 290 falling on the BSE.
Brent crude, used to price international oils, gained $1 to $53.73 per barrel in London. It fell $1.97 the previous session to $52.73.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1731.91 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 663 crore, provisional data available with BSE showed.
On Thursday, the Sensex and Nifty closed higher tracking rally in global stocks as US markets posted their best single-day gain in more than 10 years. However, the indices could not hold on to their morning gains on account of December derivatives expiry.
While the Sensex closed 157 points higher to 35,807, Nifty ended 50 points in the green at 10,779.
Most Asian stock markets gained while Japan edged down following Wall Street's rally at the end of a turbulent week. The Shanghai Composite Index rose 0.5 percent to 2,495.16 points while Tokyo's Nikkei 225 lost 0.6 percent to 19,964.54.
Hong Kong's Hang Seng advanced 0.2 percent to 25,531.63 and Seoul's Kospi added 0.6 percent to 2,040.76. Sydney's S&P-ASX 200 gained 0.7 percent to 5,634.30 and benchmarks in New Zealand, Taiwan and Southeast Asia also rose.
US stocks staged a last-minute turnaround that put the market on track to end the volatile week with a gain. That followed the market's best day in 10 years. Health care and technology companies, banks and industrial stocks accounted for much of the gains. The Standard & Poor's 500 rose 0.9 percent to 2,488.83 after being down 2.8 percent at midday.
The Dow Jones Industrial Average gained 1.1 percent to 23,138.82. The Nasdaq composite added 0.4 percent to 6,579.49. The downturn that began in October has intensified this month, erasing all of the market's 2018 gains and nudging the S&P 500 closer to its worst year since 2008. Stocks are on track for their worst December since 1931.
Edited by Aseem Thapliyal