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Sensex rises over 200 points, Nifty up 75 pts as North Korea fears recede; Infosys, Reliance Industries gain

Sensex rises over 200 points, Nifty up 75 pts as North Korea fears recede; Infosys, Reliance Industries gain

Sun Pharma (1.42 percent), Adani Ports (1.37 percent), HDFC (1.15 percent), ICICI Bank (0.95 percent) and Reliance Industries (0.92 percent) were the top gainers on the 30-stock Sensex.

The Sensex and Nifty opened higher on Wednesday as investors across the globe shrugged off geopolitical tensions a day after North Korea fired a missile that flew over northern Japan.

At 9:27 am, the Sensex was trading 206 points or 0.66 percent higher at 31594 level.

The Nifty too rose 0.69 percent or 68 points to reach 9865 level.

Also read: Narayana Murthy says Infosys paid hush cash to former CFO

Sun Pharma (1.42 percent), Adani Ports (1.37 percent), HDFC (1.15 percent), ICICI Bank (0.95 percent) and Reliance Industries (0.92 percent) were the top gainers on the 30-stock Sensex.

Jaiprakash Associates (7.06 percent), Ujjivan Financial Services ( 5.17 percent) were the top gainers on the BSE.

"What we are seeing is a bounce-back from Tuesday's fall," said Sacchidanand Uttekar, equity technical analyst at Motilal Oswal Securities.

The Infosys stock was trading 0.61 percent higher a day after co-founder NR Narayana Murthy spoke for the first time after the sudden exit of CEO Vishal Sikka.

Murthy said co-founder Nandan Nilekani's taking over as chairman is good for India's number two IT company as he is a "stickler for good corporate governance".

An offer for sale of shares of NTPC India's biggest power producer, was subscribed 1.41 times by non-retail investors on the first day. The government sold 46.35 crore shares in NTPC for about Rs 7,800 crore. The NTPC stock was trading 0.36 percent  higher at 169.10 level on the BSE.

On Tuesday, the stock was the top loser on the BSE and NSE.

The Ujjival Financial Services stock was trading 5 percent higher a day after the firm said its subsidiary Ujjivan Small Finance Bank Ltd has been included in the second schedule of the Reserve Bank of India Act 1934.  The scheduled bank status opens new avenues of deposits for the bank.

Midcap and small cap indices were the top gainers rising over 1 percent each.

Among sectoral indexes, BSE metal and BSE Consumer durables indexes were the top gainers rising over 1 percent each.

Market breadth was positive with 1337 stocks rising against 251 stocks falling on the BSE

On Tuesday, the Sensex closed 362 points or 1.14 percent lower at 31,388 level, Nifty closed 1.18 percent or 116 points lower at 9,796.

Investor wealth eroded by Rs 1.38 lakh crore amid heavy sell-off in the stock market, with the Sensex recording its worst single-day performance over a month.

Following weakness in stocks, the total market capitalisation of BSE-listed companies slumped by Rs 1,38,726.77 crore to Rs 1,29,77,705 crore. Escalation in tensions following firing of a missile by North Korea over Japan made investors jittery.

Global markets

Japan's Nikkei 225 rose 0.6 percent to 19,468.73 and South Korea's Kospi was up 0.1 percent to 2,366.75. Hong Kong's Hang Seng gained 0.8 percent to 27,976.40 while Shanghai Composite Index edged up 0.1 percent to 3,367.17. Australia's S&P/ASX 200 was flat at 5,667.60. Stocks in Taiwan and Singapore were higher but they were lower in the Philippines.

US stocks pared early losses to finish higher on Tuesday. The Standard & Poor's 500 index rose 0.1 percent to 2,446.30. The Dow Jones industrial average gained 0.3 percent to 21,865.37. The Nasdaq composite added 0.3 percent to 6,301.89. The Russell 2000 index of smaller-company stocks picked up 0.1 percent to 1,383.68.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Aug 30, 2017, 9:45 AM IST
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