Sensex rises over 100 factors, Nifty reclaims 12,200-mark in opening session; Tata Steel prime gainer

The equity benchmark BSE Sensex rose over 100 points in the opening session on Thursday led by gains in metal, energy and banking stocks amid positive cues from Chinese markets.

The 30-share BSE index was trading 125.84 points or 0.30 percent higher at 41,431.86. Similarly, the broader NSE Nifty rose 46.55 points or 0.38 percent to 12,229.05.

Tata Steel was the top gainer in the Sensex pack, rising up to 1.62 percent, followed by UltraTech Cement, IndusInd Bank, Bharti Airtel, Bajaj Auto and Reliance Industries.

On the other hand, Titan was the top loser, shedding up to 0.94 percent. NTPC, PowerGrid, Asian Paints and Mahindra and Mahindra were also trading in the red.

In the previous session, the 30-share gauge gained 52.28 points or 0.13 percent to close at 41,306.02, while the Nifty settled 14.05 points, or 0.12 percent, higher at 12,182.50.

 Sensex rises over 100 points, Nifty reclaims 12,200-mark in opening session; Tata Steel top gainer

Stock brokers. Representational image. Reuters.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 58.87 crore, while domestic institutional investors purchased shares worth Rs 208.47 crore on Wednesday, data available with stock exchanges showed.

According to traders, domestic investors took positive cues from Asian markets after China’s central bank announced fresh stimulus for the country’s stuttering economy.

Bourses in Shanghai, Hong Kong were trading significantly higher, while those in Seoul were in the red. Stock exchanges in Tokyo remained closed for New Year holidays.

Brent futures, the global oil benchmark, slipped 0.32 percent to $66.20 per barrel.

Rupee depreciates

The rupee depreciated 9 paise to 71.31 against the US dollar in morning session.

Asian shares kicked off the new decade higher on Thursday, after global stocks ended the previous one at record highs, and buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth.

Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world’s two largest economies.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.35% in morning trade after rising 5.6 percent in December.

Asian shares rise after Beijing eases monetary policy

US President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on 15 January at the White House, though uncertainty surrounds details about the agreement.

Rising hopes for a resolution to the US-China trade war helped propel global equities to record highs late last year and depress the value of the US dollar.

MSCI’s all-country world index of stock performance in 49 nations touched an all-time high of 567.80 on 27 December. It was last quoted at 565.46, off 0.41 percent from that peak.

In China, the blue-chip CSI300 index, one of the world’s best-performing indexes last year, was 1.34 percent higher in early trade.

China’s central bank on Wednesday that it would cut the amount of cash that banks must hold as reserves, releasing around 800 billion yuan in funds effective 6 January.

“I think the monetary angle in terms of what it means for the companies, is not that important,” said Jim McCafferty, head of Asia ex-Japan equity research at Nomura in Hong Kong.

“However for what it means for the consumer point of view, then clearly if there’s easy money and … individuals can borrow cheaply, repay debt quickly, then that, of course, is going to help the economy and the companies.”

McCafferty said he expects a memory up-cycle and new handset development prompted by the rollout of 5G mobile technology could help to lift tech-heavy markets like Korea and Taiwan this year.

Australian shares flicked between small gains and losses, and were last up 0.2 percent. Seoul’s Kospi began the year down 0.85 percent, while shares in Taiwan added 0.51 percent.

Markets in Japan are closed for a national holiday.

The gains in Asia follow a bullish end to the year on Wall Street on Tuesday. The Dow Jones Industrial Average rose 0.27 percent to 28,538.44 and the S&P 500 gained 0.29 percent to 3,230.78. The Nasdaq Composite added 0.3 percent to 8,972.60.

In currency markets on Thursday, the dollar continued to weaken slightly against major peers as investors bet on a better outlook for global growth and trade.

The dollar was 0.06 percent weaker against the yen at 108.64 JPY= while the euro gained 0.11  percent to 1.1222.

The dollar index which tracks the greenback against a basket of six rivals, was little changed, rising 0.04 percent to 96.427.

US crude CLc1 was up 0.36 percent to $61.28 and global benchmark Brent crude LCOc1 rose to $66.24 per barrel, building on a rise that gave oil its biggest annual gain in three years in 2019.

Gold, which has benefited from a weaker greenback, was up 0.18 percent on the spot market, fetching $1,519.64 per ounce.

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