Sensex gains in early trade, Nifty also in same track…read inside

Apr 23 2019 11:24 AM
Sensex gains in early trade, Nifty also in same track…read inside

Mumbai: On Tuesday, the benchmark BSE Sensex rebounded over 180 points in early trade led by gains in index heavyweights RIL, HDFC Bank and ITC, amid unabated foreign fund inflow. The 30-share index was trading 152.78 points or 0.40 per cent higher at 38,797.96. The NSE Nifty too rose to 40.35 points or 0.35 per cent to 11,634.80. In the previous session, the BSE bourse settled 495.10 points, or 1.26 per cent, lower at 38,645.18; while the broader Nifty tumbled 158.35 points, or 1.35 per cent, to close at 11,594.45.

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Here it is to be noted that equities took a beating Monday as macroeconomic worries resurfaced. The Trump administration decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions. However, investor sentiment turned positive in early trade Tuesday on reports that India has lined up alternate sources to make up for the likely shortfall in supplies after the US decided not to give waiver from its sanctions for buying oil from the Persian Gulf nation, traders said. Top gainers leading the gains on Sensex were ONGC, Yes Bank, Hero MotoCorp, RIL, Sun Pharma, ITC, HDFC Bank, ICICI Bank, Coal India, ITC and Bajaj Finance, rising up to 1.97 per cent. On the other hand, L&T, TCS, NTPC, Tata Motors, PowerGrid and Tata Steel were the top losers, shedding up to 1.36 per cent. "As we head into the week, Q4FY19 numbers will be watched closely by market participants," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, adding that 2019 general election continues to remain the crucial near term event for the market.

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However, it is worth mention here that voting began Tuesday for 116 Lok Sabha seats, including all constituencies in Gujarat and Kerala, with BJP president Amit Shah, Congress chief Rahul Gandhi and several Union ministers among prominent candidates in the fray. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 73.08 crore on Monday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 68.16 crore, provisional data available with stock exchanges showed. The rupee appreciated 9 paise to 69.58 against the US dollar in early trade. Brent crude futures, the global oil benchmark, was 0.36 per cent higher at USD 74.31 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade.

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