Sensex jumps over 400 points on global cues, metal stocks shine

Equity benchmark indices jumped over 1 per cent during early hours on Friday as bullish market mood prevailed in global markets after the first day of trade talks between top US and Chinese negotiators.

At 10:15 am, the BSE S&P Sensex was up by 421 points at 38,301 while the Nifty 50 edged higher by 114 points to 11,348. Except for IT and pharma, all sectoral indices at the National Stock Exchange were in the green while Nifty metal gaining 3.1 per cent.

Among stocks, Vedanta edged higher by 4 per cent to Rs 147 per share while Hindalco was up by 3.5 per cent, Tata Steel by 3.3 per cent and JSW Steel by 2.7 per cent.

The other prominent gainers were Coal India, ONGC, UltraTech Cement, State Bank of India, Kotak Mahindra Bank and Infosys.

However, tech majors lost. Tata Consultancy Services was down by 2.8 per cent a day after the company reported 2 per cent jump in its second quarter profit at Rs 8,042 crore, lower than the expected numbers. Tech Mahindra was also down by 0.9 per cent.

Pharma majors Cipla and Sun Pharma along with Bharti Airtel, Reliance Industries and Bharat Petroleum too were in the red.

Meanwhile, Asian shares and US stock futures rose on after US President Donald Trump said he will meet with China’s top trade negotiator.

The MSCI’s broadest index of Asia Pacific shares outside Japan rose by 0.5 per cent following on from gains on Wall Street while Japan’s Nikkei stock index gained by 0.9 per cent. Hong Kong’s Hang Seng moved up by 2.2 per cent and South Korea’s Kospi by 1 per cent.

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