Business / Sensex jumps over 100 points in early trade, Nifty nears 11,900

Hindustan Times : May 27, 2019, 01:05 PM

The benchmark BSE Sensex jumped over 100 points in early trade Monday driven by gains in banking stocks amid unabated foreign fund inflow.

The 30-share index was trading 128.27 points, or 0.33 per cent, higher at 39,562.99. Similarly, the broader NSE Nifty spurted 28.75 points, or 0.24 per cent, to 11,872.85.

Top Sensex gainers include NTPC, Tata Steel, Yes Bank, SBI, PowerGrid, L&T, M&M, ITC, HDFC Bank, Maruti, Axis Bank, Infosys, HDFC twins and ICICI Bank, rising up to 4.53 per cent.

While, Bharti Airtel, Asian Paints, IndusInd Bank, RIL, Tata Motors, ONGC and Sun Pharma fell up to 1.63 per cent.

In the previous session on Friday, the Sensex shot up 623.33 points, or 1.61 per cent, to end at 39,434.72, while the broader NSE Nifty surged 187.05 points, or 1.60 per cent, to 11,844.10.

The market is witnessing a board-based rally expecting better outlook for the economy in the next one-two quarter, experts said.

Domestic and foreign investors have been euphoric ever since Prime Minister Narendra Modi on Thursday led Bharatiya Janata Party (BJP) to a thumping victory for a second term in office.

Foreign institutional investors bought equity worth Rs 2,026.33 crore on Friday, while domestic institutional investors sold shares to the tune of Rs 195.35 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

On the currency front, the rupee also appreciated 11 paise to 69.41 against the US dollar.

Brent crude, the global benchmark, was trading flat at 67.46 per barrel.