Sensex up 80 points; Mindtree, Vedanta stocks gain
Equity benchmark indices rebounded on Thursday after the correction in the previous session, following positive lead from global stocks.
At 11:06 AM, the Sensex was trading at 34,416, up 85 points, while the broader Nifty50 was ruling at 10,557, up 31 points.
The Nifty Metal Index gained over 2%. The metal producers are trading higher led after copper and aluminium prices rose in international markets. Shares of Hindalco, Vedanta, Nalco and Tata Steel rallied up to 5%.
TCS stock is up 0.50% ahead of Q4 results later in the day.
ACC Ltd stock rose 1% after strong results. The company reported better than estimated numbers for Q1CY18 on all fronts led by strong volume growth in both cement and RMC segments. Its consolidated revenue stood at Rs3,624.6cr, up 14.2% yoy and 3.7% qoq.
Shares of Fortis rose 2% after Hero Enterprises led by Sunil Kant Munjal and Burman family revised offer for Fortis Healthcare. It has also received a supplemental proposal from IHH.
Shares of oil marketing companies fell after crude oil price surged. PPCL fell 3.1%, HPCL 2.7%, IOC 1.9%
In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.3%.
On the BSE, 677 stocks rallied, 311 stocks declined, while 36 stocks remained unchanged.
Asian indices opened with gains as the Japanese Nikkei lead the gainers with energy stocks leading the index higher. Rise in oil prices spurred energy and commodity related stocks, as markets consolidate ahead of important earnings calendar.
The Indian rupee weakened for a fourth consecutive session to hit a fresh seven-month low against the US dollar after international crude oil prices surged. The rupee opened at 65.84 a dollar and touched a low of 65.85 a dollar.