Sensex jumps over 100 pts, Nifty above 10,800 level
Stocks staged a strong comeback in early trade today, with the BSE Sensex reclaiming the 36,000-mark by surging over 100 points on heavy foreign fund inflows and increased buying by domestic institutional investors. Asian markets were also trading in the green after US President Donald Trump announced the extension of the March 1 deadline for increasing tariff on import of Chinese products. Here's more.
Major gainers in the market also rose up to 1.13%
Trump announced that he will extend the deadline as the trade talks between the US and China were making "substantial progress". The 30-share Sensex rose 140.29 points, or 0.38%, to 36,011.77 in early trade. The gauge had lost 26.87 points Friday. The broad-based NSE Nifty also rose 32.50 points, or 0.30%, to 10,824.15. The major gainers in the market also rose up to 1.13%.
Major gainers include HDFC, HCL, Tata Steel, HUL, Vedanta, RIL
Major gainers that supported the recovery on both bourses were Tata Steel, Tata Motors, Vedanta, RIL, HDFC Bank, Infosys, TCS, M&M, Hero MotoCorp IndusInd Bank, Maruti Suzuki, HCL Tech, Bajaj Auto, HDFC, HUL and Sun Pharma. Sentiments also got a boost after the GST Council yesterday slashed tax rates on under-construction housing properties to 5% without an input tax credit, from the existing 12%.
Realty, IT, auto and consumer durables gained up to 2.16%
Stocks of realty and housing finance companies were back in a better form and scored handsome gains. Sectoral indices, led by realty, IT, auto, bankex, and consumer durables, were trading in the green with gains of up to 2.16%. On the other hand, oil and gas, PSU, capital goods and power sector indices were trading lower in the market.
FPIs bought shares worth Rs. 6,311.01 crore on Friday
Brokers said heavy foreign fund inflows and buying by domestic institutional investors (DIIs) amid a firm trend at other Asian bourses led the markets higher. Foreign portfolio investors (FPIs) bought shares worth a net Rs. 6,311.01 crore, while DIIs made purchases of Rs. 838.88 crore on Friday, provisional data showed. Elsewhere in Asia, the Shanghai Composite Index climbed 3.32%.
US Dow Jones ended 0.70% higher in Friday's trade
In other markets in Asia, Japan's Nikkei was up 0.68% whereas Hong Kong's Hang Seng rose 0.32% in their early deals. Taiwan index too gained 0.39%. Meanwhile, the United States Dow Jones Industrial Average ended 0.70% higher in Friday's trade.
