Markets

Sensex rises over 200 points to hit record high in early trade

A view of the BSE building in Mumbai.

A view of the BSE building in Mumbai.   | Photo Credit: Reuters

In similar movement, the broader NSE Nifty rose 48.90 points, or 0.41%

The benchmark BSE Sensex jumped over 200 points to hit a record intra-day high of 39,565.82 as investors’ euphoria over exit poll outcome continued in early session on May 21.

The 30-share index was trading 205.24 points, or 0.52%, higher at 39,557.91. In similar movement, the broader NSE Nifty rose 48.90 points, or 0.41%, to 11,877.15.

In the previous session, the Sensex ended 1,421.90 points, or 3.75%, higher at 39,352.67, and the Nifty soared 421.10 points, or 3.69%, to 11,828.25.

Top gainers in the Sensex pack in morning trade include HDFC twins, Bajaj Finance, Coal India, RIL, Bajaj Auto, HUL, IndusInd Bank, Sun Pharma, Vedanta, Axis Bank and Asian Paints, rising up to 2.21%.

On the other hand, Tata Motors, Yes Bank, Bharti Airtel, Tata Steel, SBI, Infosys, ONGC and TCS fell up to 3.18%.

“Market has given a thumbs-up to exit poll numbers. Sentiments have turned around drastically and the benchmark indices can gain 5-8 percent more from here over the next few weeks if the final election outcome is in line or even better than exit polls,” said Gaurav Dua, Senior VP, Head of Strategy and Investments, Sharekhan by BNP Paribas.

Most exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will come out on May 23.

Meanwhile, market regulator Sebi and stock exchanges have beefed up their surveillance mechanism to check any manipulative activities in the market this week in view of the high-octane election related events lined up.

Foreign institutional investors bought equity worth ₹1,734.45 crore on May 20, while domestic institutional investors sold shares to the tune of ₹542.71 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

Benchmarks on Wall Street ended in the red on May 20.

On the currency front, the rupee appreciated marginally to 69.71 against the US dollar in opening trade on May 21.

Brent crude, the global benchmark, was trading at 72.20 per barrel, higher by 0.32%.

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Printable version | Jul 9, 2020 2:43:36 PM | https://www.thehindu.com/business/markets/sensex-rises-over-200-points-to-hit-record-high-in-early-trade/article27192893.ece

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