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Sensex climbs over 110 points after Asian uptrend

PTI | Mumbai |

 Indian stocks today shrugged off weakness in US markets as the Sensex surged over 110 points, with domestic investors doing the job amid positive Asian cues.

Stocks strengthened in the face of a weak close in the US after President Donald Trump at a campaign-style rally threatened government shutdown for necessary funding to build a wall along the Mexican border.

The 30-share index was up 110.18 points — 0.34 per cent — at 31,678.19. It had gained 309.16 points in the previous two sessions.

IT, metal, technology, healthcare, power and FMCG brought up gains.

The NSE Nifty hit 9,881.50, climbing 29 points, or 0.29 per cent.

A firm trend at other Asian exchanges served as a pointer of things to come. Speculators covered their short positions, which too supported the rally, traders said.

Domestic Institutional Investors (DIIs) remained buyers for yet another day, purchasing shares worth Rs 929.84 crore yesterday, as per provisional data.

Infosys, the country’s second-largest software exporter, was the top gainer by rising 1.62 per cent to Rs 909 on speculation that Nandan Nilekani might make a comeback as the company’s head.

Other big gainers that supported the key indices were Sun Pharma, Tata Motors, Lupin, PowerGrid, NTPC, Cipla, Hero MotoCorp, L&T, M&M, ITC Ltd, ONGC and Reliance Industries, gaining up to 1.23 per cent.

The US Dow Jones Industrial Average ended 0.40 per cent lower yesterday.