Opening Bell: Sensex Rises Over 100 Points, Metal Stocks Rally

Domestic equity benchmark BSE Sensex jumped over 100 points in opening session on Thursday, led by gains in oil and gas, power and metal stocks, amid positive cues from global markets. After rising 167 points in the first 15 minutes of the session, the 30-share index was trading 96.97 points, or 0.26 per cent, higher at 36,821.71 at 0930 hours, while the broader Nifty rose 34.70 points, or 0.32 per cent, to 10,879.35.

In the previous session on Wednesday, the BSE barometer ended 161.83 points, or 0.44 per cent, higher at 36,724.74, while the Nifty settled the day with 46.75 points, or 0.43 per cent, gains at 10,844.65.

Top gainers in the Sensex pack in early trade on Thursday included ONGC, NTPC, Vedanta, Tata Steel, PowerGrid, Tata Motors, Infosys, L&T, Bajaj Auto and M&M, rising up to 5 per cent.

On the other hand, HDFC, ICICI Bank, SBI, HUL, Kotak Bank, Bharti Airtel and Yes Bank fell up to 2.23 per cent.

According to experts, market sentiment was enthused by a rally in global equities following a slew of positive developments on US-China trade, Hong Kong crisis and Brexit.

Asian markets extended gains after Hong Kong’s leader Carrie Lam withdrew a controversial extradition bill that had sparked three months of protests in the financial hub.

In the UK, British members of Parliament moved closer to passing a law preventing a no-deal Brexit.

Adding to the positive sentiment, on Thursday morning, China announced it would resume trade talks with the United States in Washington next month.

Bourses in Shanghai, Hong Kong, Japan and Korea were trading significantly higher in their respective late morning sessions.

On Wall Street, stock exchanges too ended in the green on Wednesday.

The rupee, meanwhile, appreciated 18 paise against its previous close to trade at 71.94 in early session.

Global oil benchmark Brent crude was trading 0.05 per cent lower at 60.67 per barrel.

On Wednesday, foreign portfolio investors had sold shares worth a net of Rs 1,738.49 crore, while domestic institutional investors purchased shares worth Rs 1,304.58 crore, provisional data showed.