Markets

Sensex rises 83 pts; energy, metal stocks climb

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.   | Photo Credit: Reuters

Top gainers in the Sensex pack included Tata Steel, Vedanta, SBI, Tech Mahindra, Bajaj Finance, Asian Paints, M&M, NTPC and PowerGrid, rising up to 3.95%.

Market benchmark BSE Sensex rose 83 points on Wednesday, led by gains in energy, metal and power stocks as global crude oil prices eased and rupee recovered against the dollar.

After a rangebound session, the 30-share index ended 82.79 points, or 0.23 per cent, higher at 36,563.88. The index hit an intra-day high of 36,712.99 and a low of 36,465.92.

Similarly, the broader NSE Nifty settled 23.05 points, or 0.21 per cent, up at 10,840.65.

Top gainers in the Sensex pack included Tata Steel, Vedanta, SBI, Tech Mahindra, Bajaj Finance, Asian Paints, M&M, NTPC and PowerGrid, rising up to 3.95%.

On the other hand, ONGC, Yes Bank, Bharti Airtel, HDFC Bank, Sun Pharma and Maruti fell up to 2.08%.

After plunging over 2% in the past two sessions, equities took a breather as oil prices cooled after Saudi Arabia’s Energy Minister said that more than half of the country’s daily crude oil production, that was knocked out by the drone attack, has been recovered.

He also assured that production capacity at its targeted plants would be fully restored by the end of the month.

Consequently, Brent crude futures fell 0.95% to 63.94 per barrel (intra-day).

Tracking the movement in oil prices, the rupee appreciated 52 paise (intra-day) to trade at 71.26 per U.S. dollar.

Further boosting global market mood, U.S. President Donald Trump said a trade agreement between the U.S. and China was likely to happen either before or immediately after the American elections.

Market participants were also awaiting cues from the policy meeting of the Federal Reserve, traders said.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi ended on a mixed note.

Stock exchanges in Europe were trading in the green in their respective early sessions.

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Printable version | Mar 28, 2020 12:58:03 PM | https://www.thehindu.com/business/markets/sensex-rises-83-pts-energy-metal-stocks-climb/article29449304.ece

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