(MENAFN- NewsBytes)
Sensex rises over 200 points, Nifty reclaims 10,800 mark
13 Dec 2018
The equity benchmark BSE Sensex today rose 263.70 points, or 0.74%, to 36,042.77 in early trade, a day after Shaktikanta Das took charge as the new Governor of RBI and promised to take all stakeholders along on key policy issues to maintain growth while keeping inflation under check.
The NSE Nifty reclaimed the 10,800-mark, rising 76.95 points, or 0.72%, to 10,814.55.
Here's more.
Top winners include Yes Bank, TATA Motors, SBI, among others
Details
The Sensex (the 30-share index) yesterday zoomed 629.06 points, or 1.79%, to end at 35,779.07, while the broader NSE Nifty rallied 188.45 points, or 1.79%, to 10,737.60.
Top gainers in morning trade include Yes Bank, SBI, Tata Motors, Vedanta, Bharti Airtel, Infosys, HUL, Asian Paints, Wipro, and ITC, rising up to 3%.
Losers include Hero MotoCorp, Coal India and HDFC, falling up to 1%.
Sun Pharma fell 2%, among top losers on both indices
Fact
Sun Pharma was also among the top losers on both indices, falling up to 2% after market regulator SEBI yesterday said it was examining a whistleblower's complaint against Dilip Shanghvi-led Sun Pharmaceutical Industries, alleging various irregularities by the company, its promoter Shanghvi, and others.
Dalal Street expects Das to work closely with government
Expectations
According to traders, investor-sentiment on Dalal Street was positive on the expectation that Das would work more closely with the government.
Das was appointed on Tuesday, within a day after the sudden resignation of Urjit Patel, following deep friction between the RBI and the government over issues, including RBI's governance, capital reserves, and regulatory policies like the PCA framework for half the state-run banks.
'There has to be fair discussions between government and RBI'
Statement
"The government is not just a stakeholder, it also runs the economy and the country and manages major policy decisions. There has to be free, fair, objective, and frank discussions between the government and RBI," Das told reporters in his maiden address.
The new and 25th RBI chief was also the former finance secretary who oversaw the controversial note-ban exercise.
Meanwhile, rupee recovered by 31 paise against the USD
Rupee recovery
Meanwhile, recovery in rupee and positive cues from other Asian markets too influenced investor sentiment.
The rupee opened 31 paise higher at 71.70 against the US dollar.
On a net basis, Foreign Portfolio Investors (FPIs) sold shares worth Rs. 1,299.43 crore yesterday, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs. 1,121.29 crore, provisional data available with BSE showed.
Nikkei gained 0.99%, Hang Seng up 1.40%
Fact
Elsewhere in Asia, Hong Kong's Hang Seng was up 1.40%, Japan's Nikkei gained 0.99%, and Shanghai Composite Index rose 1.60% in early trade. On Wall Street, The Dow Jones Industrial Average index rose 157.03 points, or 0.64%, to 24,527.27 yesterday.
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