Sensex Jumps 100 Points, Nifty Reclaims 10,900 Mark

MARKET

Extending gains for the second session, the BSE benchmark Sensex rose over 100 points tracking heavy buying by domestic institutional investors after the government said that the country’s trade deficit had narrowed to a 10-month low.
The 30-share index jumped 122.14 points, or 0.34%, to 36,440.47 in early trade.Similarly, the NSE Nifty reclaimed the 10,900 mark by rising 33.75 points, or 0.31%, to 10,920.55.

In morning session on Wednesday, the biggest gainers in the Sensex pack were IndusInd Bank, NTPC, SBI, Reliance Industries, ICICI Bank, Vedanta, Axis Bank, Tata Steel, PowerGrid, ONGC and Infosys, rising up to 1.35%.
while, ITC, TCS, Hero MotoCorp, HCL Tech, HUL and Sun Pharma were among the top losers, shedding up to 0.66%.

According to traders, despite weakness in global markets, investor mood on Dalal Street was positive on news that declining imports had narrowed the trade deficit to ten-month low of $13.08 billion in December 2018 as against $14.2 billion in the same month previous year.On a net basis, foreign portfolio investors (FPIs) bought shares worth ₹159.60 crore on Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of ₹417.44 crore, provisional data available with BSE showed.
The rupee, meanwhile, appreciated 7 paise against the U.S. dollar to 70.98.The benchmark Brent crude futures fell 0.26% to $60.48 per barrel.

Global investor sentiment, on the other hand, was cautious after British Prime Minister Theresa May’s divorce deal to leave the EU was overwhelmingly rejected by MPs, triggering a no-confidence motion against her government and leaving the country with no plans for Brexit on March 29.This is the biggest defeat for a sitting British government in history.

Globally, elsewhere in Asia, Japan’s Nikkei shed 0.55%, Hong Kong’s Hang Seng was down 0.21% and Shanghai Composite Index was trading 0.05% lower; while Kospi rose 0.24% in early trade.
On Wall Street, however, Dow Jones Industrial Average ended 0.65% higher at 24,065.59 points on January 15.