Sensex up 126 points on Asian cues

Mumbai, Maharashtra, IndiaUpdated: May 21, 2018, 10:19 AM IST
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File photo Photograph:(Reuters)

Markets saw a positive start today as the benchmark Sensex bounced by about 126 points, reversing its four-session losing streak, on the back of a firming trend at other Asian markets.

The 30-share barometer recovered 125.65 points, or 0.36 per cent, at 34,973.95. It had lost 708.41 points in the previous four sessions largely on political uncertainty in Karnataka.

PSU, banking, metal, IT capital goods and teck indices rose by up to 0.43 per cent.

The NSE Nifty moved up by 25.30 points, or 0.23 per cent, to 10,621.70.

Support came from TCS, SBI, ICICI Bank, Bharti Airtel, ONGC, L&T, Tata Steel, IndusInd Bank, Adani Ports, Yes Bank, Power Grid, NTPC and HDFC Bank, which climbed by up to 2.05 per cent.

Meanwhile, foreign portfolio investors (FPIs) net sold shares worth Rs 166.15 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 149.58 crore on Friday, as per provisional data.

On the domestic front, the political slugfest in Karnataka culminated with the BJP's B S Yeddyurappa quitting minutes before he was to face a floor test to prove his contested majority in the hung assembly. The JD(S)-Congress combine, led by the regional party's chief H D Kumaraswamy, is set to form the government in the state. 

Asian markets were higher in early trade. Hong Kong's Hang Seng was up 1.21 per cent while Japan's Nikkei rose 0.49 per cent. Shanghai Composite too was up 0.64 per cent.

The US Dow Jones Industrial Average ended flat on Friday.