Sensex Opens 230 Points Higher, Nifty Above 10,800 On Positive Global Cues

The domestic stock markets started off the first day of the week on Monday on a positive note. The S&P BSE Sensex rose 229.88 points or 0.64% per cent to trade at 35,887.74 in early morning trade. The Nifty50 index surged 65.65 points or 0.61% per cent to trade at 10,838.30. Domestic equity indices opened in green on widespread buying in metals, auto, IT and banking counters, amid firm Asian cues and a strengthening rupee. Asian share markets rallied on Monday as favourable US jobs data whetted risk appetites, while sterling slipped after two members of the British government resigned over Brexit and put the future of Prime Minister Theresa May in doubt.

Major gainers in the 30-share Sensex pack were Tata Steel (+1.66%), Yes Bank (+1.48%), Reliance (+1.48%) Vedanta (+1.91), Sun Pharma (+1.33%) and Mahindra & Mahindra (+1.19%). Top laggards in the Sensex pack were TCS (-1.06) and (Adani Ports (-0.03%). Hindalco, Vedanta, Tata Steel, Yes Bank and Bajaj Auto were leading the pack of Nifty gainers while main losers on the index in the morning session were TCS, Titan, BPCL, Grasim and Hindustan Unilever.

All sectoral indices, led by metal, auto, infrastructure, power, capital goods, healthcare and bankex, were in the green, rising up to 1.61 per cent. TCS was trading lower by 1.28 per cent at Rs 1,888.80, while Infosys was up 0.62 per cent at Rs 1,292.40.

Sentiment in other markets were mostly positive today after Friday’s US payrolls report showed tame wages and more people looking for work. 

Meanwhile, the Indian rupee appreciated by 30 paise to 68.57 against the US dollar in early trade today at the forex market on increased selling of the greenback by exporters and banks, amid this higher opening of the domestic equity market. 

According to market analysts, developments on further imposition of trade protectionist measures between the US and China coupled with volatility in crude oil prices and the rupee’s movement against the US dollar will affect domestic equity indices throughout this week, reported IANS. The upcoming quarterly results season, along with macro-economic data points on industrial output and inflation, will also determine the trajectory of the key Indian equity indices in this week. 

IT major Tata Consultancy Services (TCS) is expected to be the first bluechip firm to come out with its Q1 result on July 10. Other companies like Infosys, IndusInd Bank, Cyient and Indian Overseas Bank are also expected to announce their Q1 earning results in the coming week. 

Domestic stock market indices also ended Friday’s session on a positive note, posting a weekly gain. The S&P BSE Sensex closed at 35,657.86. The NSE’s Nifty50 index rose 22.50 points and settled at 10,772.25. DIIs bought shares worth a net of Rs 1,480.82 crore, while foreign portfolio investors (FPIs) sold equities to the tune of Rs 968.18 crore on Friday. (With Agencies inputs)

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