Sensex jumps over 150 points, Nifty closes above 10600

Gladys Abbott
April 25, 2018

Key Indian equity indices on Tuesday closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings and healthy buying in oil and gas, banking and capital goods stocks.

Among BSE sectoral indices, realty, IT, TECk and healthcare remained investors' favourite, while metal, infrastructure, consumer durables and FMCG succumbed to selling pressure.

The BSE Sensex rallied 165.87 points or 0.48 per cent to settle at 34,616.64 while the NSE Nifty ended 29.65 points higher at 10,614.35.

Provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 259.08 crore, while the domestic institutional investors purchased stocks worth Rs 387.26 crore.

"Market extended gains backed by index heavyweights while correction in metals and IT were due to ease in sanctions by the United States and tightening of H1-B visa procedure".

Among the losers, HDFC Bank fell the most at 1.42 per cent, followed by Coal India (0.98 per cent), Hero MotoCorp (0.93 per cent), ICICI Bank (0.85 per cent), Tata Motors (0.82 per cent), ONGC (0.80 per cent), HUL (0.72 per cent), Wipro (0.50 per cent) and NTPC (0.43 per cent).

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Aluminium prices continued to fall after Washington gave U.S. customers of Russian producer United Company Rusal more time to close out their business with the company and comply with sanctions.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the USA towed by higher bond yields and fall in technology stocks".

Pharma stocks Lupin Ltd and Dr. Reddy's Laboratories Ltd rose 1 per cent each.

Chinese shares climbed about 2 per cent, while Hong Kong's Hang Seng index added 1 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, with South Korea off 0.3 per cent. Japan's Nikkei also eased 0.3 per cent as tech stocks continued to struggle with a warning on waning demand for mobile phones.

US bond prices have fallen for the past four days, pushing up the 10-year yield to 2.998 percent, its highest level since January 2014.

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