Sensex opens over 100 points up, Nifty reclaims 10400

Sensex opens over 100 points up, Nifty reclaims 10400

The benchmark indices rose for a fourth straight session on Tuesday, tracking gains in Asian markets as conciliatory-sounding comments from Chinese President Xi Jinping helped soothe investor concerns about an escalating US-China trade spat.

On the macro front, domestic market is reversing from the support level in expectation of pick up in Q4 earnings and further moderation in (March) CPI inflation to 4.2% against 4.44% in the previous month, Nair added. The Sensex ended at 33,880, up 91.71 points, while the broader Nifty50 closed at 10,402, up 22.90 points.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,300.93 crore, while the domestic institutional investors purchased stocks worth Rs 359.35 crore.

Moreover, widening of bets by investors amid optimism ahead of earnings season, to begin later this week, also supported the uptrend, brokers said.

A firm trend in other Asian markets after Chinese President Xi Jinping eased worries over a simmering U.S. trade conflict by promising new measures to open his country's massive economy "wider and wider" boosted investor sentiment here, brokers said.

Major gainers included Axis Bank, Adani Ports, Tata Steel, L&T, ICICI Bank, Yes Bank, Kotak Bank, TCS, Power Grid, Bajaj Auto, Sun Pharma and Reliance Industries, gaining up to 2.41 per cent.

FII trading activity in yesterday's session suggests that they have a bearish view on the market in the short term, which is deduced from the fact that they created 2,077 short contracts in Index Futures, with the Index Futures Long /Short ratio now at 0.2x.

In the broader markets, mid-cap index firmed up by 0.18%, but small-cap index succumbed to profit-booking and shed 0.02%. Sector-wise, Nifty FMCG rose 1.13% followed by Nifty Pvt Bank 0.92%. The MSCI World Index rose 0.25 per cent. Japan's Nikkei too surged 0.54%.

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