Sensex up 251 pts, soars despite disappointing GDP numbers; Bloodbath in Sun Pharma shares, emerges top loser
The performance of markets comes after India's Gross Domestic Product (GDP) numbers for second fiscal of FY19 (Q2FY19), which was disappointing, as India's economy grew at 7.1 per cent in July-September, which is the lowest in three quarters.
Today, the Indian market opened on a blockbuster note, with Sensex rising over 250 points to retain its 36,000-mark. The performance of markets comes after India's Gross Domestic Product (GDP) numbers for second fiscal of FY19 (Q2FY19), which was disappointing, as India's economy grew at 7.1 per cent in July-September, which is the lowest in three quarters. The Indian economy data surprised market experts, as many had predicted the economy to grow between 7.4% to 7.7% rate.
At around 0918 hours, the benchmark Sensex was trading at Rs 36,391.60, up by 197.30 points or 0.55%; whereas Nifty 50 was trading at 10,930.10, up by 52.20 points or 0.48%. Also, positive global market added to the domestic market sentiments, despite rupee weakening and rising crude oil prices.
Top gainers on BSE Sensex were Vedanta trading at Rs 203.45 up by 3.91%, Tata steel at Rs 545.40 up by 2.86%, NTPC at Rs 142.85 up by 2.07%, Coal India at Rs 248.45 up by 1.70% and ONGC at Rs 142.50 up by 1.64% at around 09:24 hrs.
Whereas in the losers list involved Sun Pharma trading at Rs 448.30 low by 8.94% followed by M&M at Rs 783.85 low by 0.80%, Tata Motors trading at Rs 171 low by 0.55%, Yes Bank at Rs 168.95 low by 0.41 and Hero Moto Corp at Rs 3047.10 low by 0.36%at around 09:28 hrs.
Meanwhile, the Indian Rupee weakened today as it opened at 70.015, down by 0.245 paise or 0.35% against US dollar.
Talking about the INR futures and Outlook the ICICI direct research report says that the dollar-rupee December contract on the NSE was at 69.85 in the previous session. December contract open interest declined 3.60% in the previous session. Analysts there added, "We expect the US$INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions."
According to Reuters report, Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets.
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Reportedly, Oil prices shot higher on Monday after the United States and China agreed on a 90-day truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut.
Earlier, talking about the Market outlook as per the reports of Pankaj Pandey Research Analysts, at ICICI direct Research says " Indian markets are expected to open in green on the back of easing of US-Sino tariff war. Going ahead, factors such as institutional flows, domestic macroeconomic data coupled with the assembly election outcome, will drive the market sentiments."