Business / Sensex rises over 100 points; Nifty above 11,900

Zee News : May 28, 2019, 10:11 AM

The benchmark BSE Sensex advanced over 100 points in early trade Tuesday amid positive domestic and global cues and unabated foreign fund inflow.

The 30-share index was trading 98.04 points, or 0.25 percent, higher at 39,781.33. Similarly, the broader NSE Nifty rose 24.75 points, or 0.21 percent, to 11,949.50.

In the previous session on Monday, the BSE gauge ended 248.57 points or 0.63 percent higher at 39,683.29 -- a new closing high for the index. While, the broader Nifty gained 80.65 points or 0.68 percent to settle at 11,924.75 -- a fresh closing peak for the NSE barometer.

Top Sensex gainers include Yes Bank, Vedanta, Coal India, Sun Pharma, Bajaj Auto, IndusInd Bank, PowerGrid, Tata Steel, Axis Bank, L&T, Reliance Industries and Tata Motors, rising up to 3.75 percent.

While, HDFC, Hero MotoCorp, SBI, HUL, Kotak Bank, Bharti Airtel, Bajaj Finance, HCL Tech, ICICI Bank and ITC fell up to 1.02 percent.

Market mood has been euphoric since the BJP-led National Democratic Alliance (NDA) won the general elections.According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, this past week's events reinforce a positive view on markets in the longer term.

"Given the large amount of groundwork already in place, we expect the next five years to surprise to the upside on earnings, once remaining PSU bank issues are resolved," he said.

Positive cues from global markets and sustained foreign fund inflow too boosted investor sentiment here, traders said.Foreign institutional investors bought equity worth Rs 1,215.36 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 327.86 crore, provisional data available with stock exchanges showed.

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

Benchmarks on Wall Street too ended in the green in Monday's session.On the currency front, the rupee depreciated 21 paise to 69.72 against the US dollar.

Brent crude, the global benchmark, slipped 0.15 percent to 68.67 per barrel.