Domestic stock markets, closed with gains for a third straight day today. The S&P BSE Sensex closed 203.81 points or 0.57 per cent higher at 35,716.95, while the broader Nifty50 barometer of the National Stock Exchange (NSE) settled at 10,728.85, up 43.25 points or 0.40 per cent.
The top gainers on the 50-scrip Nifty were Tata Consultancy Services (TCS), Infosys, Reliance Industries, Zee Entertainment and IndusInd Bank, which gained between 5 per cent and 1.9 per cent.
Nineteen out of 50 Nifty stocks finished with gains. On the 30-share Sensex, gains were led by TCS, Infosys and Reliance Industries.
Private sector lender Yes Bank was the top loser on both the indices with a loss of over 11 per cent.
Nifty IT, the index of information technology shares on the NSE, gained 2.86 per cent.
Among the sectoral losers, Nifty Metal the index of metal stocks and Nifty PSU Bank the index of government-run banks – were the major drags, closing 1 per cent and 1.97 per cent lower, respectively.
“Markets are stronger due to the way crude prices have corrected, the way rupee has strengthened in the last couple of weeks, and hopes that a trade truce between US and China could come out of the G20 summit,” reported Hitesh Agarwal, EVP and head retail research, Religare Broking, as saying.
Oil prices have lost around 30 per cent in value since early October, weighed down by an emerging supply overhang and by widespread weakness in financial markets.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs. 811.52 crore and domestic institutional investors (DIIs) were net buyers to the tune of Rs. 31.21 crore, provisional data available with NSE suggested.
Meanwhile, the outlook for domestic stocks for 2019 has been downgraded for the first time this year, according to a Reuters poll of strategists who expect the market to recoup its recent losses only once uncertainty around next year’s elections fade.
The BSE Sensex, has fallen about 10 per cent since hitting a life-high of 38,989.65 on August 29.