Sensex rises 80 points in early trade due to strong signals from Asia
MUMBAI: EEB market reference sensex appreciated by more than 80 points in early trade on Monday despite the winds against in the form of weak GDP numbers, sliding rupees and rising crude oil prices.
However, a recovery in other Asian stock markets supported the domestic market, distributors said.
The 30-share index was trading at 81.65 points, or 0.20 percent, higher at 40,875.46 in the morning session.
Similarly, the broader NSE Nifty was citing 25.35 points, or 0.21 percent, up to 12,081.40.
Bharti Airtel emerged as the main winner by increasing 7.92 percent after announcing a rate increase as of December 3, followed by Reliance, Tata Motors, HUL, IndusInd Bank Axis Bank, Infosys and TCS.
On the other hand, TechM was the biggest loser (2.55 percent) in the Sensex package, followed by ONGC, Bajaj Finance, PowerGrid, Tata Steen and Sun pharma.
On Friday, the BSE benchmark sensex plummeted 336.36 points or 0.82 per cent to close at 40,793.81. Likewise, the broader NSE Nifty also settled 95.10 points or 0.78 per cent down at 12,056.05.
India's second quarter GDP growth slowed sharply to 4.5 percent, the weakest pace in more than six years, as manufacturing production plummeted and consumer demand as well as private investment declined. weakened
Meanwhile, the rupee depreciated 4 countries against the US dollar to quote at 71.78 at the beginning of the session.
Brent futures, the global benchmark for oil, rose 1.22 percent to $ 61.23 per barrel.
Foreign institutional investors (FII) unloaded shares worth Rs 1,892.29 crore in the capital market in the previous session, while national institutional investors bought shares worth Rs 953.62 rupees, as they showed Data available in the stock market.
Asian markets recovered on Monday after a report indicating strong Chinese manufacturing activity that strengthened investor sentiment.
The courses in Shanghai, Hong Kong, Seoul and Tokyo increased on Monday after a report showed a jump in the activity of Chinese factories.
On Saturday, China announced that its manufacturing sector expanded in November for the first time in seven months.