Sensex jumps over 200 points ahead of August inflation data; Nifty reclaims 19,900
The BSE Sensex was trading 283 points or 0.43% higher at 66,882. Nifty50 was trading at 19,912, up 92 points or 0.46% at around 9.24 am.
From the Sensex pack, HCL Tech, Tata Motors, NTPC, Wipro, and Power Grid opened with gains, while only Infosys, Bharti Airtel, and IndusInd Bank opened with cuts.
Among individual stocks, SJVN shares opened over 6% higher after the company signed a power-purchase agreement with Bhakra Beas Management Board for an 18-megawatt solar power project.
Adani Enterprises shares also opened 3% higher after the company's subsidiary in Singapore signed a joint venture agreement with Kowa Holding Asia, Singapore for sales and marketing of green ammonia, green hydrogen and its derivatives.
Sector-wise, Nifty PSU Bank rose 1.07% and Nifty Auto surged 0.54%.
Financial, FMCG, IT, and metal sectors also opened higher. In the broader market, Nifty Midcap100 gained 0.45%, and Smallcap100 advanced 1.07%.
Experts View
«In the present favourable market mood Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20000.
But investors have to be cautious since fundamentals do not support a sustained rise above 20000,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
«The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable.
Now, safety is in quality large-caps,» Vijayakumar suggested.
Global Markets
Asian markets fell on Monday, dragged by China on caution ahead of industrial output, retail sales and house sale prices data due later this week. Wall Street equities logged weekly losses on Friday on risk aversion due to rate concerns ahead of inflation data on Aug.
