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Sensex Rises Over 50 Points, Nifty Holds 11,900

Jul 03, 2019

Domestic stock markets started Wednesday's session on a subdued note tracking a weak trend in Asian peers. 

However, the benchmarks reversed the weak trend on the back of buying in Reliance Industries, HDFC Bank, IndusInd Bank and Axis Bank.

 However, the gains were capped as HDFC, Tata Consultancy Services, Vedanta and ONGC were witnessing selling pressure.

 The S&P BSE Sensex benchmark index rose as much as 91.99 points in early deals to 39,908.47 and the NSE Nifty index moved to 11,932.15, up 21.85 points from the previous close.

 At 9:35 am, the Sensex traded 41.43 points - or 0.10 per cent - higher at 39,857.91 while the Nifty was up 11.60 points - or 0.10 per cent - at 11,921.90.

 Market breadth favoured gains with 829 stocks on the BSE trading higher and 455 struggling with losses. On the NSE, 958 stocks advanced while 569 declined at the time.

 Top gainers on the 50-scrip index at the time were Yes Bank, IndusInd Bank, Zee Entertainment, Indiabulls Housing Finance, Asian Paints and Bharat Petroleum, trading between 0.99 per cent and 1.64 per cent higher.

 The Nifty Auto rose as much as 0.46 per cent in early trade, rising for a third session in a row, despite auto companies reporting weak monthly sales.

 Maruti Suzuki India reported a 16.68 per cent fall in domestic sales last month, while Tata Motors and Mahindra & Mahindra reported a decline of 13.56 per cent and 5.32 per cent respectively.

 Equities in other Asian markets were subdued as initial enthusiasm over the latest US-China trade truce was overtaken by fresh concerns over Washington's threat of tariffs on additional European goods.

 MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei was down 0.4 per cent in early trade.

 Global growth concerns also weighed on investor confidence, with South Korea the latest trade-reliant economy to cut its economic growth and export targets, a day after weaker factory readings worldwide.

 Overnight on Wall Street, equities managed modest gains after holding near the unchanged mark for much of the session, with the S&P 500 rising 0.29% to a record close.

 Still, a rally in global stocks following the US-China summit at weekend is rapidly losing steam. While the threat of new US tariffs has been postponed for now, existing tariffs that have disrupted global supply chains are unlikely to be lifted any time soon.

 Both sides agreed on Saturday to restart trade talks after US President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing.

 The Sensex and Nifty had ended 0.33 per cent and 0.38 per cent higher respectively on Tuesday, rising for a second straight session led by gains in energy, power and oil & gas shares.

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