This Article is From Feb 21, 2019

Sensex Jumps Over 150 Points As Markets Shrug Off Early Losses

Advances in financial, metal and energy stocks supported the markets, however weakness in auto and infra counters kept the upside in check.

Sensex Jumps Over 150 Points As Markets Shrug Off Early Losses

Reliance Industries was the top contributor to the advances on Sensex

Domestic stock markets pushed higher on Thursday after moving in a narrow range in morning. The Sensex rose as much as 153.47 points to hit 35,909.73 by afternoon and the Nifty touched 10,778.55 on the upside, adding 43.1 points from the previous close. Advances in financial, metal and energy stocks supported the markets, however weakness in auto and infra counters kept the upside in check. Shares in state-run banks jumped a day after the government announced a capital injection of Rs 48,239 crore into 12 such lenders as part of its recapitalisation programme.

Here are 10 things to know:

  1. At 12:56 pm, the Sensex traded 135.89 points or 0.38 per cent higher at 35,892.15 while the Nifty was at 10,779.10, up 43.65 points from the previous close. 

  2. At that time, thirty three stocks on the 50-scrip index traded with gains. Top advancers were Indiabulls Housing Finance, Grasim, Tata Motors, Vedanta and ICICI Bank, trading between 2.27 per cent and 2.97 per cent higher.

  3. The Nifty Bank and Nifty PSU Bank indexes jumped as much as 0.48 per cent and 1.66 per cent during the session respectively. 

  4. With the latest funding, the total amount of capital infusion would increase to Rs. 1,00,958 crore of the planned recapitalisation of Rs. 1.06 lakh crore for PSU banks for the current fiscal year, Financial Services Secretary Rajiv Kumar had said on Wednesday.    

  5. Among private sector peers, ICICI Bank jumped as much as 2.75 per cent, and was among the top three contributors to the Sensex.

  6. Reserve Bank of India Governor Shaktikanta Das is due to discuss rate transmission with CEOs of state-run as well as private sector banks in the day.

  7. The development comes in the backdrop of the RBI announcing a 25 basis point reduction in repo rate - the key interest rate - in its policy review earlier this month.

  8. Reliance Industries shares rose 1.9 per cent to touch an intraday high of Rs 1,257.80 apiece on the National Stock Exchange. The stock was the top contributor to the advances on Sensex.

  9. Meanwhile, the rupee edged higher to 71.02 against the dollar, compared with the previous close of 71.11.

  10. Foreign portfolio investors (FPIs) net purchased Rs 713.47 crore of equities on Wednesday, while domestic institutional investors were net buyers to the tune of Rs 113.27 crore, provisional data from the NSE showed.

(With agency inputs)