12 Oct 2018: Sensex recovers 600pts ahead of key macro-data, Nifty reclaims 10,400
The Bombay Stock Exchange (BSE) benchmark Sensex staged a strong comeback by recovering over 600 points in opening trade today following fresh purchases made by domestic investors ahead of key macroeconomic data to be released later in the day, amid fall in global crude prices and rupee recovery.
Positive leads from most other Asian markets too fueled the uptrend.
Fact: Sensex climbed 1.88% to over 34,000 points
The 30-share Sensex climbed 639.80 points, or 1.88%, to 34,640.95 with all the sectoral indices trading in positive zone. The gauge had plummeted over 750 points to end at a six-month low. Nifty was trading above the 10,400-mark, up 174.30 points, or 1.70%, at 10,408.95.
Details: Rupee recovered by 38 paise against the dollar
Meanwhile, the rupee strengthened by 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased.
Brokers said besides the rupee recovery, built-up of positions by investors ahead of index of industrial production (IIP) numbers for August and inflation data for September, to be released later in the day, too impacted investor sentiment.
Fact: Who were the gainers in the Sensex pack?
In the Sensex pack, prominent gainers were M&M, Yes Bank, Maruti Suzuki, Adani Ports, IndusInd Bank, Vedanta, Asian Paints, RIL, Tata Steel, ICICI Bank, ITC, Hero MotoCorp, Coal India, Axis Bank, Kotak Bank, HDFC Bank, Sun Pharma, HDFC, and Bajaj Auto, rising up to 4.08%.
Other companies: Shares of TCS fell despite jump in consolidated net profit
However, shares of country's largest software exporter TCS fell 2.13% even after the company yesterday reported a 22.6% jump in consolidated net profit at Rs. 7,901 crore in the July-September 2018 quarter.
Shares of oil marketing companies such as HPCL, BPCL, and IOC remained strong and rose further by up to 5.33% on falling global crude oil prices.
Crude prices: Brent crude price fell 3%, airlines' stocks saw rise
Brent crude, the international benchmark, fell 3% to quote at $80.37 a barrel.
Stocks of Aviation companies - Spicejet, InterGlobe and Jet Airways - too were in better shape, rising up to 5.02%, supported by falling crude prices.
Domestic institutional investors (DIIs) made purchases worth a net of Rs. 1,888 crore yesterday, according to the provisional data.
Fact: Hong Seng up by 1.11%, Nikkei down by 0.25%
In Asia, Hong Kong's Hang Seng was up 1.11%, Singapore rose 0.18%, and Taiwan gained 1.17% in their late morning deals. However, Japan's Nikkei was down 0.25% and Shanghai Composite Index shed 0.12%. The US Dow Jones Industrial Average fell over 2% in yesterday's trade.