Markets

Sensex rises over 200 points on positive global cues

Similarly, the NSE benchmark Nifty rose 60.45 points, or 0.52 per cent, to 11,658.45 in early session.

The BSE benchmark Sensex jumped over 200 points in early trade on Friday led by gains in realty, metal, oil and gas and banking stocks amid positive global cues on hopes of a trade deal between the US and China.

The BSE gauge Sensex was trading 200.69 points, or 0.52 per cent, higher at 38,885.41. The 30-share Sensex index settled 192.40 points, or 0.49 per cent, lower at 38,684.72 in its previous session.

Similarly, the NSE benchmark Nifty rose 60.45 points, or 0.52 per cent, to 11,658.45 in early session.

Top gainers in the Sensex pack include IndusInd Bank, Yes Bank, Infosys, TCS, Vedanta, M&M, Kotak Bank, M&M, Sun Pharma, ONGC and ICICI Bank, rising up to 1.60 per cent.

On the other hand, Asian Paints, Hero MotoCorp, Bharti Airtel, PowerGrid, HUL, Maruti and SBI were the top losers, falling up to 0.74 per cent.

According to traders, investors followed cues from other Asian markets which were trading on a positive note US President Donald Trump on Friday said the United States and China are close to entering into a trade agreement and something very “monumental” could be announced in next four weeks.

Top Chinese and US officials are meeting in Washington to reach an agreement after the world’s two biggest economies entered into a trade war and imposed tariffs on more than $360 billion in two-way trade.

Investors were cautious about the downward revision in GDP growth to 7.2 per cent for FY20 by the Reserve Bank of India, while premium valuation and concerns over monsoon further impacted the sentiment. However, dovish view by global central banks and a likely better results in Q4FY19 can stabilise the market in the near-future, experts said.

Meanwhile, foreign institutional investors (FIIs) pulled out ₹ 226.19 crore Thursday, and domestic institutional investors (DIIs) bought equities to the tune of ₹ 1,206.16 crore, provisional data available with stock exchanges showed.

On the macro front, the rupee appreciated 10 paise to trade at 69.07 to the US dollar in early trade on Friday.

Brent crude futures, the global oil benchmark, fell 0.22 per cent to trade at $69.25 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.

A letter from the Editor


Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | May 28, 2020 5:43:58 PM | https://www.thehindu.com/business/markets/sensex-rises-over-200-points-on-positive-global-cues/article26742450.ece

Next Story