Sensex Rises Over 300 Points After Upbeat Start
(RTTNews.com) - Indian shares opened on a firm note Friday morning, extending recent gains on positive global cues and the rupee's rise against the U.S. dollar.
Bank stocks are trading mostly higher after the government decided on capital infusion in some state-run banks.
Capital goods, metal, oil, consumer durables, healthcare and telecom shares are among the other notable gainers. A few stocks from realty, automobile and information technology sectors too are trading higher.
The benchmark BSE Sensex is up 313.12 points, or 0.87%, at 36,120.40, around 40 points off the day's high of 36,160.54. The National Stock Exchange's Nifty50 is up 89.80 points, or 0.84%, at 10,869.60.
On Thursday, the Sensex ended up 157.34 points, or 0.44%, at 35,807.28, nearly 200 points off the day's high of 36,002.11. The Nifty50, which scaled a high of 10,834.20, ended with a gain of 49.95 points, or 0.47%, at 10,779.80.
In the currency market this morning, the rupee opened at 70.05 against the U.S. dollar, rising 30 paise from previous close.
UPL is rising nearly 2.5%. HDFC and Titan are trading nearly 2% up. Sun Pharmaceutical Industries, Yes Bank, IndusInd Bank, HDFC Bank, JSW Steel, Reliance Industries and Tata Motors are up 1.2 to 1.8%.
Shares of United Bank of India zoomed nearly 12% in early trades, after the government decided to infuse Rs 2,159 crore in the bank as part of Rs 28,615 crore capital infusion to be done in about half a dozen banks.
Lemon Tree Hotels is up 8.5% after the company said that it will enter into a joint venture with Magnolia Grove Investment, an affiliate of Warburg Pincus group, to construct, acquire, develop, operate and lease short- and long-stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family users.
After an early plunge, U.S. stocks rebounded strongly and ended with impressive gains overnight, despite a report from the Conference Board showing a significant deterioration in U.S. consumer confidence in the month of December.
Crude oil prices recovered this morning, after having tumbled to near 18-month lows again yesterday. However, increasing stockpiles in the U.S. and demand growth fears are likely to limit any surge in crude oil prices.
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