Sensex, Nifty rise by 100 points; this is what moved the market
Much to the worry of investors, what once looked like immune Indian stock markets, are no longer so and they are being threatened with losses as rupee, trade war, fleeing FIIs woes and more bites them hard.
Much to the worry of investors, what once looked like immune Indian stock markets, are no longer so and they are being threatened with losses as rupee, trade war, fleeing FIIs woes and more bites them hard. The 30-scrip Sensitive Index (Sensex) opened on a positive note during the morning session of the trade on Wednesday. Sensex recovered by over 100 points while the NSE Nifty reclaimed the 11,300-mark following fresh purchases made by domestic investors ahead of key macroeconomic data to be released later in the day.
The 30-share Sensex was up 133.29 points, or 0.35 per cent, at 37,546.42 with sectoral indices led by FMCG, power, IT, teck, infrastructure and PSU stocks trading in the positive zone. Also, the NSE Nifty was trading higher by 52.60 points, or 0.46 per cent, at 11,340.10.
However, a weakening trend on other Asian bourses on worries over lingering trade conflict between the US and China forced investors to adopt a cautious approach here.
The gauge had plunged 976.69 points in the previous two sessions as global trade war tensions rattled investor sentiment.
Brokers said that building up of positions by domestic institutional investors (DIIs) ahead of index of industrial production (IIP) for July and inflation data for August -- to be released later in the day -- too impacted investor sentiment.
PowerGrid emerged as top gainer surging by 2.76 per cent, followed by ITC, ONGC, Adani Ports, HUL and Coal India.
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Others that also supported the key indices include M&M, Infosys, Wipro, Vedanta, HDFC, TCS and Kotak Bank, which rose up to 1.51 per cent.
Elsewhere in Asia, Japan's Nikkei was down 0.41 per cent and Shanghai Composite Index shed 0.34 per cent in their early trading. Hong Kong's Hang Seng too fell by 0.46 per cent.
The US Dow Jones Industrial Average surged 0.44 per cent in Tuesday's trade.