Sensex rises 80 points in early trade on strong Asia cues
The 30-share index was trading 81.65 points, or 0.20 per cent, higher at 40,875.46.
Mumbai: Market benchmark BSE Sensex appreciated by over 80 points in early trade on Monday despite headwinds in form of weak GDP numbers, sliding rupee and rising crude prices.
However, a rally in other asian stock markets supported the domestic market, dealers said.
The 30-share index was trading 81.65 points, or 0.20 per cent, higher at 40,875.46 in morning session.
Similarly, the broader NSE Nifty was quoting 25.35 points, or 0.21 per cent, up at 12,081.40.
Bharti Airtel emerged as the top gainer by surging 7.92 per cent after it announced to hike tariffs from December 3, followed by Reliance, Tata Motors, HUL, IndusInd Bank Axis Bank, Infosys and TCS.
On the other hand, TechM was was the biggest loser (2.55 per cent) in the Sensex pack, followed by ONGC, Bajaj Finance, PowerGrid, Tata Steen and Sun pharma.
On Friday, the BSE benchmark Sensex plummeted 336.36 points or 0.82 per cent to close at 40,793.81. Likewise, the broader NSE Nifty also settled 95.10 points or 0.78 per cent down at 12,056.05.
India's second quarter GDP growth slowed sharply to 4.5 per cent, the weakest pace in more than six years, as manufacturing output hit a slump and consumer demand as well as private investment weakened.
Meanwhile, the rupee depreciated 4 paise against the US dollar to trade at 71.78 in early session.
Brent futures, the global oil benchmark, surged 1.22 per cent to USD 61.23 per barrel.
Foreign institutional investors offloaded shares worth Rs 1,892.29 crore in the capital market in the previous session, while domestic institutional investors bought equities worth Rs 953.62 crore, data available with stock exchange showed.
Asian markets rallied on Monday following report indicating strong Chinese factory activity that strengthened investors sentiment.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo surged on Monday after a report showed jump in Chinese factory activity.
On Saturday, China announced that its manufacturing sector expanded in November for the first time in seven months.