Sensex extends rally; Nifty reclaims 10,600 level

The benchmark BSE Sensex gained over 132 points to 34,578.39 in early trade , rising for the third straight session today on buying by domestic institutional investors (DIIs) amid strong global cues.

Investors are also eyeing Q3 GDP data, to be released tomorrow. Market sentiment was bolstered after a Morgan Stanley report said India’s economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7 %, broker said.

Benchmark BSE Sensex advanced by 132.64 points, or 0.38 %, to 34,578.39 in early session today.

The gauge has gained 626.25 points in the previous two sessions.

All sectoral indices were trading in the green, led by gains in oil and gas, consumer durables, auto, banking, power, PSU, metals, FMCG and healthcare counters.

The NSE Nifty50 reclaimed the 10,600-mark, by rising 32.65, or 0.30 %, to 10,615.25.

On a net basis, DIIs bought shares worth ₹ 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth ₹1,119.51 crore yesterday, provisional data released by stock exchanges showed.

Top gainers included Yes Bank, RIL, ONGC, TCS, Dr Reddy’s, Asian Paints, M&M, Wipro, HDFC Bank and Coal India, rising up to 1.75 %.

Meanwhile, shares of Punjab National Bankslumped as much as 9 % to touch its 52 week low level in morning trade after the lender said the amount of fraudulent transactions could be as much as ₹ 12,700 crore.

Gitanjali gems, too, cracked nearly 5 %.

Overseas, Asian shares were trading higher following gains on Wall Street overnight ahead of Fed chair Jerome Powell’s first congressional testimony later in the day.

Japan’s Nikkei gained 1.39 %, Hong Kong’s Hang Seng was up 0.06 %, while Shanghai Composite was down 0.97 % in early trading today.

The US Dow Jones Industrial Average ended 1.58 % higher yesterday on fall in US bond yields.

Your Opinion Counts !