The Sensex and Nifty opened higher in trade today amid rising Asian markets on expectations of Federal Reserve holding rates this week amid signs of slower global growth.
Sensex rises over 200 points, Nifty crosses 10,850; Vedanta, PowerGrid, NTPC top gainers
While the Sensex rose 230 points higher at 36,193, Nifty rose 55 points to 10,860. Top Sensex gainers were Vedanta (4.85%) , PowerGrid (4.61%) and NTPC (4.21%). Hero MotoCorp (0.33%), Asian Paints (0.21%) and L&T (0.11%) were the top Sensex losers.
Top sectoral gainers were metal stocks with the BSE metal index rising 1.81%, BSE bankex (0.66%) and BSE bankex index (0.66%). Bank Nifty gained 155 points to 26,981.
Meanwhile, the mid cap and small cap indices were trading 0.57% and 0.32% higher in early trade. Market breadth was positive with 805 stocks trading higher compared to 387 falling on the BSE.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 861.94 crore on Friday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 302.52 crore, provisional data available with BSE showed.
Asian markets rose on Monday on hopes that the Federal Reserve would re-evaluate its hawkish stance at a meeting later this week, following signs of slower global growth.Japan’s Nikkei 225 index added 0.8 percent to 21,536.85 and the Kospi in South Korea gained 0.3 percent to 2,074.51. Hong Kong’s Hang Seng was up 0.3 percent at 26,178.87. The Shanghai Composite index rose 0.1 percent to 2,597.22. Australia’s S&P ASX 200 was 0.6 percent higher at 5,635.50.
Shares were higher in Taiwan and Singapore but fell in Indonesia.On Wall Street on Friday, the S&P 500 lost 1.91 percent to 2,599.95, marking its lowest close since April 2.
The benchmark has dropped 11.3 percent from its Sept. 20 record close – the worst performance since it fell more than 14 percent between May 2015 and January 2016.
The biggest drag was Johnson & Johnson, which tumbled 10 percent for its biggest drop since 2002, after Reuters reported that the pharma major knew its baby powder was contaminated with cancer-causing asbestos.
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