Sensex climbs 300 points on positive economic data, rupee recovery
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The BSE benchmark Sensex reclaimed the 38,000-mark by surging over 300 points in opening trade Friday on heavy buying by domestic institutional investors as the industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low.
The 30-share barometer pushed higher by 318.85 points, or 0.85 per cent, to 38,036.81. The gauge had risen 304.83 points in the previous session on Wednesday.
Sectoral indices were green across the board, with metal, power, PSU, realty and oil & gas stocks posting sizeable gains of up to 1.66 per cent.
The NSE index Nifty was trading above the 11,400-mark, up 84.90 points, or 0.75 per cent, at 11,454.80.
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.
PowerGrid, emerged top gainer in the Sensex pack, rising 3 per cent, followed by Yes Bank at 2.11 per cent.
Other big gainers that lifted both the key indices were Maruti Suzuki, Sun Pharma, Vedanta, SBI, Adani Ports, IndusInd Bank, ONGC, NTPC, ICICI Banak, Coal India and Tata Steel.
However, stocks of software exporters such as Wipro, Infosys and TCS were under pressure after the rupee continued its recovery against the dollar.
Domestic institutional investors (DIIs) remained net buyers, picking up shares worth a net of Rs 541.44 crore on Wednesday. However, foreign portfolio investors (FPIs) gave up shares worth a net of Rs 1,086.39 crore, provisional data showed.
Stock exchanges remained closed Thursday on account of Ganesh Chaturthi.
Most other Asian markets too were in a better shape, tracking positive cues from Wall Street on optimism over China-US trade talks.
Hong Kong’s Hang Seng rose 0.79 per cent, while Japan’s Nikkei was up 0.97 per cent in their early deals. Shanghai Composite Index, however, was down 0.26 per cent.
The US Dow Jones Industrial Average had closed 0.57 per cent higher on Thursday.
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The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
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Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
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Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
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The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
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