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Sensex surges 305 points: Nifty zooms above 11,300

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The domestic stock markets had a positive opening on Wednesday after swingning vigorously between gains and losses. The broader Nifty50 index of the NSE opened at 11,340.10 and the S&P BSE Sensex at 37,546.42. The top five Sensex gainers were PowerGrid Corporation, ONGC, Hindustan Unilever, Adani Ports, and Kotak Mahindra Bank which gained between 1.04 per cent and 2.38 per cent.

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As the Nifty FMCG index was the top sectoral gainer with 1.19 per cent gain, it also lead to the gain in the consumer stocks.

Domestic institutional investors (DIIs) had started building up of positions ahead of index of industrial production (IIP) for July and inflation data for August, which is to be released soon. This also impacted investor sentiment, brokers were quoted as saying in a report by news agency Press Trust of India.

Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital said, “There is a strong support at 11,200 level and we are expecting some pull back in the next few trading sessions where the benchmark index is expected for further escalate towards north till 11,500 mark…For Bank Nifty, there is a strong support near 26,600 mark and it is expected to bounce back. We may see some upward rally towards 27,500 in coming days.”

In the mean time, Asian stocks fell startight to a 14-month low, as investor believe was shaken by the latest round of verbal threats in an ever intensifying US-China trade conflict. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3 per cent, plumbing to its lowest levels since July 2017.

Provisional NSE data showed that foreign portfolio investors sold net equities of Rs 1,454.36 crore and DIIs purchased net shares of Rs 749.62 crore on Tuesday.

In the currency market, rupee touched a new lifetime low of 72.91 against the US dollar.

The Sensex last closed at 509 points lower at 37,413 and the Nifty declined 150 points to settle at 11,287.

Stock Exchanges will remain shut Thursday on account of ‘Ganesh Chaturthi’.

Also read: Rupee at 72.67 per dollar; petrol, diesel prices skyrocket; India reels

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