Market Live: Sensex reclaims 35K, opens up 100 pts; sharp fall in oil prices lift IOC, HPCL, BPCL. Asian markets traded mixed amid further fall in oil prices after top producers indicated output could increase.
Asian markets traded mixed amid further fall in oil prices after top producers indicated output could increase.
Market Update: The market extended opening gains, with the Sensex reclaiming 35,000 levels following sharp fall in oil prices and recovery in the rupee.
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The 30-share BSE Sensex rose 172.37 points to 35,097.24 and the 50-share NSE Nifty gained 63.40 points at 10,668.60 while the broader markets also traded in line with frontliners.
All sectoral indices are in the green barring IT index that lost nearly a percent following appreciation in rupee.
All sectoral indices are in the green barring IT index that lost nearly a percent following appreciation in rupee.
Oil retailers IOC, BPCL and HPCL gained 5-7 percent after crude corrected to $75 from the 2018 high of $80.50 a barrel
Sun Pharma is the biggest gainer among Nifty50 stocks, rising nearly 7 percent after March quarter earnings.
About three shares advanced for every share falling on the BSE.
Market Opening: Benchmark indices started off trade on a positive note on Monday, following sharp correction in oil prices and recovery in rupee.
The 30-share BSE Sensex gained 107.70 points at 35,032.57 and the 50-share NSE Nifty rose 44.50 points to 10,649.70.
Bank of Baroda, IOC, HPCL, BPCL and Sun Pharma jumped up to 7 percent while Tech Mahindra and Vedanta are under pressure.
Nifty Midcap index gained 110 points.
Jet Airways, InterGlobe Aviation, Excel Industries, Indian Bank, Waterbase, Meghmani Organics, RCF, FACT, Balrampur Chini, Praj Industries, Triveni Engineering, Nalco, NBCC, Divis Labs, Dixon Tech and Himatsingka Seide rallied up to 6 percent.
PC Jeweller and IDBI Bank are under pressure.
Rupee Update: The Indian rupee traded 27 paise higher at 67.49 against the US dollar in early trade after opening at 67.52.
Rupee after weakening for six consecutive weeks rose against the US dollar following ease in global crude prices and suspected RBI intervention at higher levels, as per Motilal Oswal report.
In the past few sessions RBI has been actively intervening to curb the volatility for the rupee. RBI data released, on Friday, showed reserves dropped by USD 2.6 billion for the week ended May 26 and in this month reserves have dropped by USD 11 billion. Currently India’s FX reserves stands at USD 415 billion after hitting a high of USD 424 billion earlier this year.
This week, on the domestic front, market participants will be keeping an eye on fiscal deficit and GDP numbers to gauge a view for the rupee. For the day, the USD-INR pair is expected to quote in the range of 67.30 and 67.80, it added.
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Sun Pharma is the biggest gainer among Nifty50 stocks, rising nearly 7 percent after March quarter earnings.
About three shares advanced for every share falling on the BSE.
Market Opening: Benchmark indices started off trade on a positive note on Monday, following sharp correction in oil prices and recovery in rupee.
The 30-share BSE Sensex gained 107.70 points at 35,032.57 and the 50-share NSE Nifty rose 44.50 points to 10,649.70.
Bank of Baroda, IOC, HPCL, BPCL and Sun Pharma jumped up to 7 percent while Tech Mahindra and Vedanta are under pressure.
Nifty Midcap index gained 110 points.
Jet Airways, InterGlobe Aviation, Excel Industries, Indian Bank, Waterbase, Meghmani Organics, RCF, FACT, Balrampur Chini, Praj Industries, Triveni Engineering, Nalco, NBCC, Divis Labs, Dixon Tech and Himatsingka Seide rallied up to 6 percent.
PC Jeweller and IDBI Bank are under pressure.
Rupee Update: The Indian rupee traded 27 paise higher at 67.49 against the US dollar in early trade after opening at 67.52.
Rupee after weakening for six consecutive weeks rose against the US dollar following ease in global crude prices and suspected RBI intervention at higher levels, as per Motilal Oswal report.
In the past few sessions RBI has been actively intervening to curb the volatility for the rupee. RBI data released, on Friday, showed reserves dropped by USD 2.6 billion for the week ended May 26 and in this month reserves have dropped by USD 11 billion. Currently India’s FX reserves stands at USD 415 billion after hitting a high of USD 424 billion earlier this year.
This week, on the domestic front, market participants will be keeping an eye on fiscal deficit and GDP numbers to gauge a view for the rupee. For the day, the USD-INR pair is expected to quote in the range of 67.30 and 67.80, it added.
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Crude Oil Update: Oil prices dropped on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand.
Brent crude futures were at $74.93 per barrel, down 2.04 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.22 a barrel, down 2.45 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May, reports CNBC.
Brent crude futures were at $74.93 per barrel, down 2.04 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.22 a barrel, down 2.45 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May, reports CNBC.
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