Sensex jumps over 100 pts; bank stocks rise
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Domestic equity benchmark BSE Sensex jumped over 100 points in early trade on 16 July driven by gains in banking stocks, amid mixed cues from global markets.
The 30-share index was trading 104.83 points, or 0.27%, higher at 39,001.54 at 09:45 a.m. Similarly, the broader Nifty rose 29.25 points, or 0.25%, to 11,617.60.
Top gainers in the Sensex pack included Tata Motors, Vedanta, NTPC, PowerGrid, ICICI Bank, SBI and Axis Bank, rising up to 1.65%.
On the other hand, TCS, Hero MotoCorp, Bajaj Auto, M&M, TechM, HCL Tech and Kotak Bank fell up to 1.62%.
In the previous session, the 30-share gauge settled 160.48 points or 0.41% higher at 38,896.71, while the Nifty gained 35.85 points or 0.31% to end at 11,588.35.
On a net basis, foreign institutional investors sold equities worth ₹216.44 crore, while domestic institutional investors purchased shares to the tune of ₹591.72 crore, provisional data available with stock exchanges showed on 15 July.
According to Vinod Nair, Head of Research at Geojit Financial Services, green shoots from earnings lifted the sentiment of IT sector, while ease in WPI inflation (June) to 2.02% added some cheer in the market.
Howeverm Q1 results announced so far have been mixed and going forward is expected to be subdued in nature, he added.
Elsewhere in Asia, Shanghai Composite Index and Nikkei were trading in the red, while Hang Seng and Kospi rose in their respective early sessions.
Meanwhile, the Indian Rupee was almost flat at 68.55 against the U.S. Dollar.
The global oil benchmark Brent crude futures were trading 0.12% higher at 66.56 per barrel.
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