March 18, 2018

Sensex rises 167 points in early trade on firm global cues

15 February 2018, 06:41 | Melvin Schneider

While Sensex, Nifty Surge, Over A Dozen Stocks Lose Big

Sensex closes 286 points lower at 34,010 Nifty falls below 10,500 SBI top loser on exposure to PNB fraud

The Reserve Bank of India abolished half a dozen existingloan-restructuring mechanisms and instead provided for a strict 180-day timeline for banks to agree on a resolutionplan in case of a default or else refer the account for bankruptcy.

The NSE Nifty gained 47.45 points, or 0.45 percent, to 10,548.35.

The BSE benchmark Sensex surged over 167 points, staging a strong recovery in early trade today on firm cues from global markets. At 9.29 a.m, the Sensex was trading up 126.85 points or 0.37% at 34,282.80 with 22 components gaining. Sensex jumped a high of 34,535 on Thursday and fell to a low of 34,194.67 against the previous session's closing of 34,155.95 points.

Data released after market hours on Monday showed that industrial output expanded by 7.1 per cent in December on robust performance by manufacturing and capital goods sectors. However, the broad market witnessed some volatility due to under- performance in financials.

70 crore on net basis, while foreign portfolio investors (FPIs) sold shares worth Rs 814.

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Among the Nifty stocks, the scrips that post massive gains include India Bulls Housing Finance, Aurobindo Pharma, Zee entertainment, IndusInd Bank and Lupin.

Shares of ICICI Bank (up 2.51 per cent), Karnataka Bank (up 1.94 per cent) and YES Bank (up 1.73 per cent) were the top gainers among the private bank stocks. The BSE mid-cap index edged higher by 0.17%, while small-caps gained 0.16%.

The pan-European Stoxx Europe 600 index climbed 1.1 percent. On the BSE, 1917 stocks declined, 914 stocks rose, while 130 stocks remained unchanged.

The Sensex and Nifty rose on Thursday tracking gains in global peers, but Punjab National Bank slumped for a second consecutive session to its lowest in almost four months after it unearthed fraudulent transactions of around $1.77 billion. UK's FTSE also traded higher 0.68%.

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