Sensex jumps 154 points in early trade

by Susie Olson August 18, 2017, 0:28
Sensex jumps 154 points in early trade

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,919.17 points, traded at 31,834.45 points - up 63.56 points, or 0.20 per cent, from its previous close at 31,770.89 points.

Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund said, "Stocks across the globe traded with caution as uncertainty surrounding internal U.S. policy continued to weigh on investor sentiment despite receding North Korean tensions". PSU bank, auto and metal did not disappoint either.

In the broader markets, midcaps continued to witness a good day, though it also saw selling pressure in the final hour.

Asian stocks edged higher on Thursday, as tensions between the United States and North Korea came off the boil, while the Federal Reserve's concerns about weak US inflation weighed on the dollar, reported in Reuters.

■ 9.30am: BSE Sensex trades higher by 69 points, or 0.22%, to 31,840, while the Nifty 50 rises 26 points, or 0.26%, to 9,923.

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Markets remained closed yesterday on account of Independence Day.

Coming to sectors, FMCG hit it off with a gain of 2.43 percent. Shares of Infosys, rose as much as 5.6 per cent after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month. Among other Asian markets, Hong Kong's Hang Seng index was up 0.09 per cent while Japan's Nikkei shed 0.13 per cent. Shanghai Composite Index down 0.32 per cent.

"The announcement of the share buyback supported investor sentiment", said Vinod Nair, head of research at Geojit Financial Service. The apex court upheld an order by the Delhi High Court which allowed the company to use land at Delhi airport for non-aviation or commercial purposes.

Coal India, one of the worst performing stocks this year, rebounded 4.2% to 247.05 rupees, helped by an attractive dividend yield.

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