After rising over 100 points in the opening session, the BSE Sensex was trading 94 points or 0.24 per cent, higher at 39,596.05. The rupee appreciated by 12 paise to 69.71 against the US dollar in opening trade Thursday
Domestic equity benchmarks opened on a positive note Thursday led by gains in index heavyweights TCS, RIL and ITC, ahead of the expiry of May derivatives contracts.
After rising over 100 points in the opening session, the BSE Sensex was trading 94 points or 0.24 per cent, higher at 39,596.05. Similarly, the broader NSE Nifty rose 15 points, or 0.13 per cent, to 11,876.10.
In the previous session on Wednesday, the 30-share gauge ended 247.68 points, or 0.62 per cent, lower at 39,502.05. Likewise, the Nifty dropped 67.65 points, or 0.57 per cent, to 11,861.10.
Top gainers in the Sensex pack include NTPC, Coal India, Bharti Airtel, Bajaj Auto, TCS, Asian Paints, PowerGrid, Tata Motors, RIL and ITC, rising up to 2 per cent.
On the other hand, M&M, Vedanta, ONGC, Sun Pharma, HDFC, Maruti, Tata Steel and ICICI Bank were among the losers in the index, shedding up to 1.29 per cent.
Investors are also cautious ahead of the expiry of May futures and options (F&O) contracts, traders said.
According to Narendra Solanki, Head Fundamental Research (Investment Services) – AVP Equity Research, Anand Rathi Shares and Stock Brokers, the market currently waiting for the new government to form and is more likely waiting for policy guidance and follow up announcements on same.
“As the earnings season is almost over, the new triggers for the markets are going to be RBI policy due next month, full budget by new government and policy roadmap for growth in major sectors of the economy,” he added.
Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.
Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions.
Benchmarks on Wall Street too ended in the red in Wednesday’s session. On the currency front, the rupee appreciated 8 paise to 69.75 against the US dollar. Brent crude, the global benchmark, rose 0.31 per cent to 68.08 per barrel.
The rupee appreciated by 12 paise to 69.71 against the US dollar in opening trade Thursday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.
The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar amid positive opening in domestic equities, displaying gains of 12 paise against the greenback.
On Wednesday, the rupee had settled at 69.83 against the US dollar. Forex dealers said, selling of the American currency by exporters supported the rupee. However, rising crude oil prices and foreign fund outflows weighed on the domestic currency.
Foreign funds pulled out Rs 304.27 crore in the capital markets on a net basis Wednesday, provisional data showed.
The benchmark BSE Sensex was trading with gains of 161.18 points, or 0.41 per cent to quote at 39,663.23 while the NSE Nifty was trading at 11,903.90, up 42.80 points, or 0.36 per cent.
Meanwhile, brent crude, the global benchmark, was trading at 69.62 per barrel higher by 0.24 per cent.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.02 per cent to 98.12.
Meanwhile, Prime Minister Narendra Modi will take oath along with a new council of ministers on Thursday for a second term, as suspense mounted on who will get the Big Four berths–Home, Finance, Defence and External Affairs.
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