Stock market update: Sensex jumps 200 points, Nifty crosses 10,850
Despite weak global cues, the domestic stock markets started the week on Monday on a firm note. The Nifty50, barometer of the National Stock Exchange (NSE) started at 10,853.20, and the S&P BSE Sensex opened at 36,129.13.
Apparently, in the first few minutes of trade, the 30-share Sensex traded at 36,173.25, up 210.32 points or 0.58 percent, and the Nifty50 at 10,860.50, with a gain of 55.05 points or 0.51 percent. Majority of the Nifty50 stocks traded in green, 37 out of 50 Nifty stocks traded with gains. Vedanta (up 5.33 percent), PowerGrid Corporation (up 5.60 percent), Yes Bank (up 1.52 percent), Indian Oil Corporation (up 1.03 percent) and NTPC (up 4.15 percent) were the top Nifty gainers.
Reportedly, metal stocks led the gains as all 15 shares on the Nifty Metal index advanced in trade.
According to reports, the Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and reinforced anxiety over the broadening impact of international trade frictions.
Also, Rupee opened with minor gains on Monday against the US dollar after amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. On Friday, the domestic currency opened at 71.85 a dollar and closed at 71.90.
Notably, on Friday, foreign portfolio investors bought while domestic institutional investors sold net equities worth Rs 861.94 crore and Rs 302.52 crore respectively. The Sensex on weekend had closed at 35,962.93 and the Nifty50 at 10805.45 in the last session.