Stock market: Extending gains the Indian stock market rose by 100 points- Sensex and Nifty by 11,900 for the third consecutive day ahead of the G-20 summit. The S&P BSE index rose by 165.33 points and touched 39,757 mark in early trade and Nifty benchmark rose by 47 points to 11,894 earlier today.
Advances have been seen in the sectors- automobile, private banks, construction companies, and losses have been observed in the pharmaceutical shares. As per the latest market update, the rupee has recovered from the lower level but is trading lower by 8 paise at 69.23 per dollar. Yesterday the rupee closed weak at 69.15 against the dollar.
US president Donald Trump ahead of the G-20 Summit in Osaka showed optimism for a trade agreement with China. However, the US president is still thinking of imposing a tariff on Chinese imports. The oil prices too have slumped as investors await OPEC meeting.
The major gainers of today as of 11 am are- Indusland bank up by 1.61%, Mahindra & Mahindra, Axis Bank up by 1.70%, followed by Tata Motors, and Tata Stell whereas the major losers are- Sun Pharma down by 0.68%, Tech Mahindra, Power Grid, Sun Pharma, HCL technologies and Reliance.
Induland Bank, which is the major gainer of today saw an increase of 2% after global brokerage deal with Deutsche Bank. It is expected to rise more.
In the broader index, the biggest gainers are Vedanta, JSW steel, Sun Pharma, Hindalco while the companies which failed to make progress were- Britannia, IBUL housing finance, Infosys, and Bharti Airtel.
Ahead of the Union budget, 2019 Sugar stocks have seen a momentum. Rajshree Sugars were the biggest gainer with 19% upside followed by Balrampur Chini, Uttam Sugar, Dalmia Sugar which saw an increase between 3-7%. On the sectoral front, all sectors saw an increase of 1% except metals and energy