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October 24, 2020

Sensex rises over 200 points in early trade, nears all-time high

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Market benchmark BSE Sensex rose over 200 points in early trade on Thursday tracking massive foreign fund inflow amid positive domestic and global cues.

Inching closer to its all-time intraday high, the 30-share index was trading 220.26 points or 0.55 percent, higher at 40,272.13, and the broader NSE Nifty advanced 64.80 points, or 0.55 percent, to 11,908.90.

Top gainers in the Sensex pack included SBI, Infosys, ITC, Sun Pharma, HDFC Bank, and ICICI Bank, rising up to 2.64 percent.

On the other hand, Bharti Airtel, Axis Bank, M&M, PowerGrid and Yes Bank fell up to 0.92 percent.

In early trade Sensex rises over 200 points

In the previous session, the 30-share Sensex ended 220.03 points, or 0.55 percent, higher at 40,051.87. The benchmark closed above the key 40,000-level after June 4, 2019. Similarly, the broader NSE Nifty jumped 57.25 points or 0.49 percent to close at 11,844.10.

Foreign institutional investors purchased a whopping Rs 7,192.42 crore in the capital market, on Wednesday. However, while domestic institutional investors sold shares worth Rs 185.87 crore. Also, data available with the stock exchange showed.

Besides heavy foreign fund inflow, the US Federal Reserve’s decision to cut its benchmark interest rate for the third straight time also boosted market sentiment.

Hopes of government to cut in long term capital gain tax, dividend distribution tax and the securities transaction tax too enthused domestic investors, said Ajay Menon, Managing Director & CEO – Broking & Distribution, Motilal Oswal Financial Services.

“Moreover, improved auto sales growth during the festival sessions, good quarterly results. Also, stable oil and USDINR have added fuel in the market,” he added.

Bourses in Hong Kong, Seoul and Tokyo were trading on a positive note. However, while those in Shanghai were in the red.

On Wall Street, stock exchanges finished in the green on Wednesday.

The rupee, meanwhile, appreciated 6 paise against the US dollar to trade at 70.83 in early session.

Brent futures, the global oil benchmark, rose 0.35 percent to USD 60.45 per barrel.

Business News

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