Stock Market

Sensex rises 500 points, Nifty tops 11,600 on hopes of US-China trade deal

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Domestic equity market kicked off Thursday's session on a firm note, riding on the optimism of a likely US-China trade deal and softening crude oil prices.

A stronger rupee also helped the sentiments. US President Donald Trump on Wednesday said a deal to end a nearly 15-month trade war with China could happen sooner than people think and that the Chinese were making big agricultural purchases from the United States, including beef and pork. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13 per cent.

Japan's Nikkei rose 0.40 per cent.

Chinese blue-chip shares advanced 0.20 per cent. Around 10.30 am, BSE benchmark Sensex was trading over 500 points higher to top the 39,000-mark NSE barometer Nifty reclaimed the 11,600, ahead of the expiry of September futures and options contract. Broader markets too witnessed a positive start with Nifty Midcap and Nifty Smallcap indices registering gains of half a percent each. Barring IT, all sectoral indices were trading in the green on NSE with Nifty Bank up 0.66 per cent, Nifty Auto up 0.75 per cent, Nifty Media, Nifty Metal and Nifty Pharma up 0.5 per cent each.

Biggest Nifty gainer in the opening trade was Maruti Suzuki that appreciated 2 per cent.

ICICI Bank was also up about 2 per cent.

Yes Bank was the biggest loser in the pack, sliding over 2 per cent after the lender clarified that it is awaiting the Reserve Bank of India (RBI) approval to increase the authorised share capital of the bank before a planned share sale. Experts believe that there could be consolidation in the market for a while before another leg of the rally starts.

“I don’t think the rally will end but in the near term we may see some consolidation after the recent 1,000-point spike in Nifty.

Every fall will bring an opportunity to buy for investors.

This is the time for those who have missed the bus,” said Sanjeev Hota, Head of Research, Sharekhan. Siddharth Sedani, Vice President-Equity Advisory at Anand Rathi Shares - Stock Brokers agreed that this phase was a second opportunity for investors who had missed the first rally. Oil prices held nearly flat after US President Donald Trump said a resolution to the China-US trade rift would come sooner than expected, helping to stave off pressure from rising oil supplies and worries about global growth.

Brent crude futures were at $62.34 a barrel, down 5 cents, or 0.1 per cent.




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