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2-min read

Sensex Rises Over 150 Points on Easing Inflation, Positive Global Cues

Sun Pharma emerged as the top gainers in the Sensex pack by surging 2.77 per cent after the drug major on Tuesday reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018.

PTI

Updated:February 13, 2019, 5:50 PM IST
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Mumbai: The benchmark Sensex gained over 150 points in early trade on Wednesday, snapping its four-session losing streak, on the back of positive macroeconomic data and better-than-expected earnings by some bluechip companies, amid positive global cues.

The 30-share barometer was trading higher by 169.36 points, or 0.47 per cent, at 36,322.97. The gauge had lost over 720 points in the previous four days.

The NSE Nifty too climbed 29.20 points, to 10,860.60.

Barring teck, all the sectoral indices, led by realty, FMCG, power and bankex, gained up to 1.50 per cent.

Brokers said buying activity emerged on positive macroeconomic data as retail inflation fell to a 19-month low of 2.05 per cent in January over the previous month on continued decline in food prices.

Meanwhile, industrial output growth remained subdued at 2.4 per cent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector.

Both sets of data were released by the Central Statistics Office (CSO) on Tuesday after market hours.

"Given the current relatively low growth and inflation scenario coupled with high real interest rate situation, we expect the RBI to cut the policy rate by another 25 bps during the next policy meet," said Sujan Hajra, Chief Economist, Anand Rathi Financial Services, adding that the data releases are modestly positive for both the equity and debt market.

Sun Pharma emerged as the top gainers in the Sensex pack by surging 2.77 per cent after the drug major on Tuesday reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018.

Other big gainers were ITC, PowerGrid, HDFC, TCS, ONGC, HUL, NTPC, Kotak Bank, HDFC Bank, HUL, Coal India, Vedanta, Bajaj Finance, L&T and Yes Bank, rising up to 2.60 per cent.

However, M&M, Hero MotoCorp, HCL Tech, SBI, Infosys, Maruti Suzuki and Bajaj Auto were down on some selling.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 466.78 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 122.64 crore Tuesday, provisional data showed.

Overseas, Asian shares were trading higher after US market gained as investors grew more optimistic about the prospects of a resolution to the trade dispute between the US and China.

Japan's Nikkei rose 1.21 per cent, while Korea's Kospi was up 0.40 per cent in early trade. Hong Kong's Hang Seng too was trading higher.

On Wall Street, the US Dow Jones Industrial Average closed 1.49 per cent higher in Tuesday's trade.

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