New Delhi -°C
Today in New Delhi, India

Feb 23, 2020-Sunday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

Home / Business News / Stocks rise 300 points ahead of industrial production, indicating elevated inflation

Stocks rise 300 points ahead of industrial production, indicating elevated inflation

Shanghai, Hong Kong, Tokyo and Seoul bourses were also trading on a positive note, despite the global economic delays caused by coronavirus (COVID-19),

business Updated: Feb 12, 2020 11:27 IST
Press Trust of India
Press Trust of India
Mumbai
Meanwhile, the rupee appreciated 5 paise against the US dollar to 71.21 in morning session on February 12th 2020.
Meanwhile, the rupee appreciated 5 paise against the US dollar to 71.21 in morning session on February 12th 2020.(AP)

Market benchmark Sensex rallied over 300 points in opening session on Wednesday driven by gains in HDFC twins, RIL, ICICI Bank and HUL ahead of the release of inflation and factory output data.

The 30-share BSE index was trading 331.04 points or 0.80 per cent higher at 41,547.18, and the broader NSE advanced 93.50 points, or 0.77 per cent, to 12,201.40.

In the previous session, Sensex settled 236.52 points, or 0.58 per cent, higher at 41,216.14 and Nifty rose 76.40 points, or 0.64 per cent, to 12,107.90.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 209.39 crore, while domestic institutional investors bought shares worth Rs 344.63 crore on Tuesday, data available with stock exchanges showed.

HUL was the top gainer in the Sensex pack, rising up to 3 per cent, followed by Tata Steel, NTPC, HDFC, Nestle India, PowerGrid and Axis Bank.

On the other hand, IndusInd Bank was the sole laggard in morning session.

According to analysts, domestic investors are likely to stay focused on the last batch of Q3 numbers, factory output and CPI inflation for the month of January. As per the consensus, inflation is expected to remain elevated confirming the recent action by the central bank.

Market also took positive cues from global markets that remained on firm footing despite concerns over coronavirus (COVID-19), traders said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a positive note. Stock exchanges on Wall Street closed with gains on Tuesday.

Meanwhile, the rupee appreciated 5 paise against the US dollar to 71.21 in morning session.

Global crude benchmark Brent rallied 1.72 per cent to USD 54.94 per barrel.

tags