Sensex soars over 300 points, opens above 37,000-mark; Nifty at 11,254
Business | March 12, 2019 9:54 ISTTraders said sustained inflow of foreign funds and positive cues other Asian equities boosted investor sentiment.
Traders said sustained inflow of foreign funds and positive cues other Asian equities boosted investor sentiment.
With the EC announcing dates for the much-awaited 2019 general elections, market analysts say a pre-poll rally is likely to continue, citing historical data which suggests a positive trend in the stock market in case the incumbent returns to power.
As many as 31 stocks declined in the Nifty 50 index while 17 stocks advanced and two remained unchanged.
On BSE, ICICI Bank, SBI, Vedanta were leading the gainers chart.
Globally, investors tracked losses on Wall Street, where the global rally hit a bump as optimism that the world's top two economies are heading for a tariffs deal was replaced by a need for clarity on any agreement.
One can expect the market to be volatile for the next few days as the political environment comes under pressure.
In the past nine sessions, the Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight trading days.
Vedanta, ICICI Bank, ONGC, M&M, L&T, Tata Steel, SBI, Bajaj Finance, Bharti Airtel and ITC were among the gainers, rising up to 3.38 per cent.
The Nifty of the National Stock Exchange (NSE) opened slightly higher at 10,738.65A from it's previous close on Friday.
The Sensex of the BSE opened at 36,279.63, touched a high of 36,375.80. and a low of 36,278.84.
At 9.19 a.m., the Sensex traded at 36,440.56 higher by 45.53 points or 0.13 per cent.
The government is scheduled to release wholesale price index (WPI) and consumer price index (CPI) data later in the day.
Other losers include Sun Pharma, TCS, Tata Steel, Adani Ports and Coal India, falling up to 2 per cent.
The index had lost 847 points in the previous two sessions on liquidity concerns as well as weak global cues.
Meanwhile, the Reserve Bank on Friday announced more steps to increase liquidity flows to the non-banking financial companies.
The 50-share NSE Nifty also turned volatile and was up 18 points, or 0.16 per cent, at 11,071.80 after touching a high of 11,084.55.
The 30-share index was trading lower at 36,378.14 showing a loss of 463.46 points, or 1.26 per cent at 1200 hrs.
NSE opened at 11,326.65 points after closing at 11,278.900 points on Tuesday.
The 30-share BSE index gained 159.93 points, or 0.42 per cent in opening trade, but soon turned choppy falling 37.10 points.
The NSE Nifty index too dipped below the 11,500-mark by falling 111.80 points, or 0.97 per cent, at 11,403.40.
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