Economy

Sensex extends gains, up 139 pts in early trade on global cues

Sensex extends gains, up 139 pts in early trade on global cues

Markets benefited from value buying in beaten-down stocks and a firm trend in overseas bourses, boosted by easing fears of a global trade war as the White House signalled it would water down plans for contentious metal tariffs, brokers said.

On similar lines, the NSE Nifty was up by 35.35 points, or 0.34 per cent, at 10,278 points.

The late sell-off saw the 30-share gauge ending at 33307.14, down 44.43 points, or 0.13 per cent.

The BSE market breadth turned bearish as 1,638 stocks declined as against 1,082 advances. "Selling in the last one hour of trade pulled the indices lower", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS. The Sensex closed at 33,351.57 points - up 318.48 points or 0.96 per cent, while the Nifty50 rose by 88.45 points or 0.87 per cent to close at 10,242.65 points.

More news: Trump's Trade War Backfires As Red States Defy Him

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 364.80 crore on net basis while domestic institutional investors (DIIs) bought shares worth Rs 675.26 crore on Thursday, provisional data showed.

"Major Asian markets closed on a positive note, whereas European indices like DAX, CAC 40 and FTSE 100 traded in the red", Jasani added.

On the currency front, the Indian rupee weakened by two paise to close at 65.17 against the USA dollar from its previous close at 65.15. At 9.50 am however, the index was up 103 points.

In the metals pack, SAIL tumbled 6.40 per cent, Jindal Steel 5.24 per cent, Tata Steel 4.66 per cent, Nalco 2.19 per cent, NMDC 1.85 per cent, Vedanta 1.59 per cent and Hindalco 1.26 per cent.


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