Sensex rises over 300 points, Nifty crosses 11,500; PowerGrid, Kotak Bank, HDFC Bank top gainers

PowerGrid (1.68%), Kotak Bank (1.38%) and HDFC Bank  (1.29%) were the top Sensex gainers. Top Sensex losers were Maruti (2.44%), Vedanta (0.77%) and Sun Pharma (0.56%).

By BusinessToday.In  
Monday, March 18, 2019

The Sensex and Nifty started on a positive note on Monday amid higher Asian markets led by gains in banking and oil and gas stocks. While the Sensex rallied 308 points to 38,332 in early trade, the Nifty climbed 93 points to 11520.

PowerGrid (1.68%), Kotak Bank (1.38%) and HDFC Bank  (1.29%) were the top Sensex gainers. Top Sensex losers were Maruti (2.44%), Vedanta (0.77%) and Sun Pharma (0.56%).

While the Sensex rallied 269 points to 38,024, the Nifty gained 83 points to 11,426. On a weekly basis, Sensex has clocked 2.80% gains. The Nifty too has risen 2.60% during the period.

Meanwhile, the mid cap and small cap indices were trading 86.59 points and 82.55 points lower in early trade. Market breadth was positive with 1059 stocks trading higher compared to 504 falling on the BSE. Banking and oil and gas stocks led the gains with their indices rising 455 points and 263 points, respectively.

"The recent rally, which has taken place post consolidation of four months, was pending and is likely to stay... We are likely to breach the (NSE index) peak of 11,760 in the short term," said Pritesh Mehta, senior vice president, Yes Securities.

Bank Nifty hit its 52-week high of 29,812. The index on Friday closed 458 points higher at 29,381 level. BSE bankex too rose to 33,391 level today, its fresh 52-week high.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 4323.49 crore on Friday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 2130 crore, provisional data available with BSE showed.

31 stocks hit their 52-week highs compared to 32 touching their 52-week low on BSE. Number of stocks which hit upper and lower circuits were 69 and 74 , respectively.

Asian markets

Asian stocks rose as investors awaited an update on the state of ongoing trade talks between US and China.

Japan's Nikkei advanced 0.6% and Hong Kong's Hang Seng Index rose 0.9%. In mainland China, the Shanghai gained 1.1%, about the same as the smaller-cap Shenzhen Composite 1.33% . South Korea's Kospi SEU was about flat, while benchmark indexes in Taiwan 0.45%, Singapore STI, 0.41%   and Indonesia 0.75%   rose slightly. Australia's S&P/ASX 200 XJO, 0.02%   rose slightly.

Edited by Aseem Thapliyal

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