ibusinesslines.com
ibusinesslines.com October 19, 2018


Bears lose grip as value-buying lifts Sensex 352 points

08 December 2017, 09:16 | Myron Mathis

Bears lose grip as value-buying lifts Sensex 352 points

Bears lose grip as value-buying lifts Sensex 352 points

The Sensitive Index (Sensex) of the BSE, which had closed at 32,949.21 points on Thursday, opened higher at 33,034.20 points. Meanwhile, the broad based NSE Nifty went up by 122.60 or 1.22% at 10,166.70 with 44 components registering rise.

Other losers included Tata Steel, NTPC, Dr Reddy's, ONGC, Power Grid, Bajaj Auto, L&T, M&M, Asian Paints, HDFC Bank, HUL, Lupin, Coal India, ITC, Tata Motors, Axis Bank, Maruti Suzuki and Infosys, falling by up to 1.71 per cent.

Foreign portfolio investors (FPIs) sold shares worth net Rs 1,075.62 crore yesterday, while domestic institutional investors (DIIs) bought to the tune of Rs 926.68 crore. Auto and metal shares jumped more than 1% in early morning deals, while the consumer durables rose 0.70%.

PSU Bank Nifty rose 1.25 per cent led by lenders such as Bank of India, Oriental Bank, Syndicate Bank and SBI on expectations that the government would soon reveal details of a recapitalisation plan. Polls indicate a victory for the ruling Bharatiya Janata Party (BJP), but with a greatly reduced majority.


"Markets will now look out for the Gujarat election outcome".

Gas stocks were on fire as the state-run GAIL surged 7 percent to hit a fresh record high of Rs 489.30 per share while Mahanagar Gas, Indraprastha Gas and Petronet LNG rallied 3-5 percent.

The markets on Friday took off from the launchpad of yesterday's positive sentiment as Sensex gained nearly 200 points in initial trade. Shanghai Composite, however, shed 0.08 percent.

The US Dow Jones Industrial Average ended 0.29% higher in Thursday's trade.



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