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Sensex Opens in Green, Rises Nearly 200 Points on Positive Global Cues

PTI
The outcome of Assembly elections in five states, along with fears over an escalation in US-China trade war and volatility in crude oil prices, are expected to determine the trajectory of the key Indian equity indices next week.

Mumbai, November 28: The BSE benchmark Sensex opened on a positive note for the third successive session Wednesday, rising nearly 200 points, on positive global cues as investors await comments from the US Fed and hope for a trade deal between the US and China. The 30-share Sensex was trading 177.17 points, or 0.50 per cent, higher at 35,690.31. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, higher at 10,725.60.

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According to analysts, the fall in crude oil prices have catapulted bullish sentiments on the street. "International markets will focus on the G20 meeting in Buenos Aires next week for cues on the ongoing US-China trade spat," they added. Top gainers include IndusInd Bank, Infosys, ITC, Kotak Bank, HDFC Bank, Hero MotoCorp, Bharti Airtel, SBI, Asian Paints, TCS, M&M and Bajaj Auto, rising up to 1.93 per cent. Slump in Indian Stock Market Because of Global Cues, says Finance Secretary Hasmukh Adhia.

While, Yes Bank was the biggest loser, falling over 4 per cent, after Moody's Investors Service Tuesday downgraded Yes Bank's ratings to non-investment grade and changed the bank's outlook to negative from stable on the back of various resignations from the board. Reports that the sparring promoters of Yes Bank were inching towards a truce failed to lift the stock as there was no clarity over the exact status of the talks with one camp claiming it was at an advanced stage and the other not being on the same page.

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Sources close to Rana Kapoor Tuesday evening claimed that settlement talks were at an "advanced stage", while the Madhu Kapur family maintained that the "discussions are still on". "It is an over five-year-old battle and it will take time for a consensus to emerge. We are not anywhere near a consensus now," sources close to the Madhu Kapur family told PTI. Other losers include, ONGC, NTPC, Coal India, Tata Motors, Adani Ports, Wipro, Vedanta and Axis Bank, falling up to 1.33 per cent. Meanwhile, the rupee depreciated by 10 paise to 70.89 against the US dollar in early trade at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 811.52 crore and domestic institutional investors (DIIs) were net buyers to the tune of Rs 31.21 crore, provisional data available with BSE suggested. Elsewhere in Asia, Japan's Nikkei rose 0.89 per cent, Shanghai Composite Index rose 0.86 per cent, and Taiwan Capitalization Weighted Stock Index rose 0.44 per cent. In the US, The Dow Jones Industrial Average index rose 108.49 points, or 0.44 per cent, to 24,748.73 on Tuesday.