Sensex Jumps Over 200 Points, Nifty Edges Past 8,600


09.35 a.m. Buying has gained momentum, propelling the Sensex 250 points higher. The Nifty is trading around 8,625 levels. Turbine maker Suzlon was among the top traded stocks today. The company yesterday said that it hopes to exit a process of corporate debt restructuring by March 2017.

09.15 a.m. The BSE Sensex jumped over 200 points, while the Nifty50 edged past the key 8,600 mark in opening deals. Gains were led by banking and metal stocks, with both the sub-indices rising over 1 per cent.

Private lender ICICI Bank was the top Nifty50 gainer, up nearly 2 per cent. State-run refiner BPCL, Tata Steel and UltraTech Cement were other Nifty50 stocks that traded with 1.5-2 per cent gains.

IT major Infosys, Bharti Infratel, Bharti Airtel and HUL were the only stocks that traded lower, but losses were capped.

09.00 a.m. Rupee opens higher at 66.85 per dollar against Thursday’s close of 66.91.

08.20 a.m. Indian stock markets are likely to open on a strong note on Friday, tracking gains in Asian shares. The Nifty futures trading on the Singapore Exchange (SGX) were up 46.50 points or 0.54 per cent at 8,650 as of 08.20 a.m., indicating a higher start for Sensex and Nifty.

Many markets had bet on correction in markets, following the passage of the Goods and Services Tax or GST bill in Rajya Sabha, but markets have held on to gains, helped by aggressive buying by foreign institutional investors (FII).

On Thursday, FIIs bought cash shares worth Rs 559 crore, though domestic investors were net sellers to the tune of Rs 527 crore.

Corporate earnings in the June quarter have been mixed and with most big companies already reporting numbers, traders are likely to look for global cues to place bets.

Asian stock markets traded higher today, following Bank of England’s post-Brexit stimulus campaign. An overnight rally in crude oil prices also boosted global equities.

The BoE cut rate by quarter point to a record low 0.25 per cent, which sent already low global bond yields even further down.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, headed for a 0.9 per cent weekly gain. MSCI’s world stocks index rose 0.3 per cent.

Meanwhile, Wall Street ended little changed overnight ahead of the July nonfarm payrolls report which will be scoured for clues to whether it is strong enough to support a Federal Reserve rate hike as early as September.