Sensex rallies over 350 points; Nifty crosses 11,750 mark

Reliance Industries, HDFC twins, Kotak Mahindra Bank and L&T were the top contributors on the Sensex.

Jun 19, 2019 04:06 IST India Infoline News Service

Equity benchmark indices opened higher for the second consecutive session on Wednesday on the back of positive trades in global markets over hopes of dovish stance from the US Federal Reserve.

The global equity markets turned positive after European Central Bank's President Mario Draghi said that the ECB will ease policy again if inflation fails to accelerate, also US President Donald Trump would meet China's president to talk about trade boost the markets today.

Reliance Industries, HDFC twins, Kotak Mahindra Bank and L&T were the top contributors on the Sensex.

The Indian rupee on Wednesday strengthened by 0.19% at 69.56/$ after the US and China agreed to resume trade talks.

The Sensex was trading at 39,386 levels, rose 340 points, while the Nifty was trading higher by 86 points at 11,777 levels. The market breadth was positive on the NSE with 1,029 shares advancing, 512 shares declining, and 515 remaining unchanged.

Shares of Canara Bank rose 1% after the board permitted to sell stake in the company in part or full. Stake sale to happen at an appropriate time depending on the market conditions and available options, the filing said.

The Volatility gauge, India VIX was down 4.48% at 13.94.

The most active stocks on the NSE are Yes Bank, Indiabulls Housing, Reliance and IndusInd Bank.

Meanwhile, oil prices rose, extending sharp gains from the previous session on rekindled hopes for a US-China trade deal and on continued tensions in the Middle East after tanker attacks their last week. Brent crude futures were up 0.6% at $62.48/barrel; they rose 2% on Tuesday. US West Texas Intermediate crude was up 0.8% to $54.34/barrel; the US benchmark surged 3.8% in the last session.

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