Sensex Rises Over 200 Points, Nifty Tests 10,200
The benchmark Sensex extended yesterday’s gains by rising over 200 points in early trade today, tracking firm global cues on reports of trade negotiations between the US and China, easing fears of a trade war.
Investor sentiment was buoyed after the government announced borrowing of Rs 2.88 lakh crore in the April-September period of 2018-19, lower than Rs 3.72 lakh crore it had borrowed in the first half of the current fiscal, and introduce bonds linked to CPI or retail inflation.
The BSE 30-share barometer advanced 233.41 points, or 0.70 per cent, to 33,299.82. The gauge had gained 469.87 points in the previous session.
All sectoral indices, led by metals, capital goods, realty, PSU and banking stocks were in the green, gaining up to 1.16 per cent.
The NSE Nifty rose by 70.05 points, or 0.69 per cent, to 10,200.70.
Major gainers were Wipro, Tata Steel, Axis Bank, L&T, SBI, Yes Bank, Kotak Bank, ICICI Bank, Adani Ports, IndusInd Bank, Sun Pharma, Tata Motors and Reliance Industries, rising by up to 2.30 per cent.
Brokers said increased buying by domestic institutional investors (DIIs) and retailer investors had a positive impact on the market.
Also, short-covering by speculators ahead of March F&O expiry, and an appreciating rupee against the dollar added to the upmove.
Meanwhile, on a net basis, DIIs bought shares worth Rs 2,017.95 crore, while foreign portfolio investors (FPIs) sold shares of Rs 741.19 crore yesterday.
Elsewhere in Asia, Hong Kong’s Hang Seng was up 0.78 per cent, while Shanghai Composite index rose 0.95 per cent in early trade today. Japan’s Nikkei gained 1.66 per cent.
The US Dow Jones Industrial Average ended higher by 2.84 per cent in yesterday’s trade.