1. Sensex jumps 250 points, HDFC twins, Reliance Industries support; Rupee edges up 8 paise

Sensex jumps 250 points, HDFC twins, Reliance Industries support; Rupee edges up 8 paise

Indian stock markets opened higher today snapping the yesterday's major slump tracking a higher closing in the US market propelled the sentiments.

By: | Published: August 30, 2017 9:47 AM
Within minutes of trading, the benchmark Sensex gained 254 points to the day’s high of 31,643.14 points. (Image: Reuters)

Indian stock markets opened higher today snapping the yesterday’s major slump of above 1% in both the benchmark indices. The sentiments regained the momentum as the US stocks ended higher on Tuesday after recovering from losses triggered by North Korea missile launch. The value buying in the shares of heavyweight companies such as HDFC, Reliance Industries, and ICICI Bank also propelled the benchmark indices to edge higher. BSE Sensex gained 146 points to open at 31,534.57 points while NSE Nifty 50 added 63 points to open at 9,859.5 points.

Within minutes of trading, the benchmark Sensex gained 254 points to the day’s high of 31,643.14 points. Shares of blue-chip companies — HDFC, Reliance Industries, ICICI Bank, HDFC Bank, ITC, Infosys, and L&T contributed the most in the index gains. Collectively these 7 stocks alone added around 135 points out of the index up surge of 215 points.

Shares of Adani Ports (up 2.13%), Sun Pharma (up 1.41%), HDFC (up 1.44%), L&T (up 1.17%), Axis Bank (up 1.16%), and Reliance Industries (up 1.18%) were the top gainers on the 30-share barometer today. All the sectoral indices of NSE were trading higher with gains up to 1.34%.

The rupee today rebounded by 8 paise to 63.94 against the US currency in early trade on increased selling of the dollar by exporters and banks. Weakness in the dollar against major world currencies overseas along with a higher opening in the domestic equity market supported the rupee.

Indian stock markets closed extremely lower after weak opening on Tuesday with the Nifty 50 losing over 100 points to end below 9,800 level. The benchmark Sensex too lost 390 points in the intraday trade today to the day’s low of 31,360.81 points. Yesterday 47 out of 51 scrips of NSE Nifty ended in red.

Major US stock indexes ended higher on Tuesday after recovering from steep early losses triggered by fears that hostilities in the Korean Peninsula could escalate. The S&P 500 fell as much as 0.66 percent after US President Donald Trump warned that all options are on the table for the United States to respond after North Korea fired a ballistic missile over a Japanese island in a new show of force. The Dow Jones Industrial Average rose 0.26% to 21,865.37 points, the S&P 500 gained 0.08% to 2,446.3 points and the Nasdaq Composite added 0.3% to 6,301.89 points.

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