Business

Sensex rallies over 250 points on global cues

Photo for representation.

Photo for representation.   | Photo Credit: Reuters

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HUL, ITC, NTPC, Kotak Bank, and Hero MotoCorp were the biggest losers

Equity benchmark BSE Sensex on July 30 rallied over 250 points on heavy buying in auto and banking stocks amid positive cues from other Asian markets and U.S.-China trade talks.

The 30-share index was trading 256.08 points, or 0.68%, higher at 37,942.45. Similarly, the 50-share NSE Nifty rose 74.35 points, or 0.66%, to 11,263.55.

In the previous session, the 30-share index fell 196.82 points, or 0.52%, to close at 37,688.28, and the broader NSE Nifty declined 95.10 points, or 0.84%, to settle at 11,189.20.

Tata Steel, ICICI Bank, Bharti Airtel, M&M, Vedanta Ltd, Sun Pharma, Bajaj Finance, Tata Motors, Axis Bank and Maruti were among the other top gainers, rallying up to 1.54%.

While, HUL, ITC, NTPC, Kotak Bank, and Hero MotoCorp were the biggest losers, shedding up to 0.66%.

The resumption of trade talks between the U.S. and China on July 30 will be the first round of negotiations since May 2019. However, investors are sceptical over the positive outcome of the meeting between the two strongest economies.

Global investor sentiment was positive, but the gains were capped as investors were cautious ahead of crucial talks between American and Chinese officials.

Market is also awaiting the outcome of the U.S. Federal Reserve’s meeting scheduled for July 31.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹704.42 crore on Monday, as per provisional data.

Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a positive note in their respective early sessions.

The U.S. markets too ended in positive terrain on July 29. Meanwhile, the Rupee declined by 3 paise to 68.78 against the U.S. Dollar in early trade. The global crude benchmark, Brent Oil, was trading 0.42% higher at $63.98 a barrel.

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Printable version | Dec 11, 2019 5:07:21 PM | https://www.thehindu.com/business/sensex-rallies-over-250-points-on-global-cues/article28755203.ece

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