Metals, IT stocks help Sensex rebound nearly 100 pts

Metals, IT stocks help Sensex rebound nearly 100 pts
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Mumbai, Apr 19: The market recouped previous day’s losses on Thursday even as crude oil prices hit multi-year highs, with the Sensex gaining nearly 100 points.
Positive Asian cues and the rally in metals & FMCG stocks boosted sentiment, but the sharp correction in oil retailers capped upside.
The 30-share BSE Sensex closed up 95.61 points at 34,427.29 and the 50-share NSE Nifty rose 39.10 points to 10,565.30 while the broader markets outperformed frontliners, with the Nifty Midcap index rising 0.7 percent.
Overall the benchmark indices were rangebound in trade and the volatility is expected to continue in near term as investors look for more corporate earnings and closely monitor crude oil prices, experts said.
“The recent dull phase in index is showing early sign of exhaustion thus profit booking is advisable on every rise. Nifty should hold decisively above 10,650 for further up move. Participants should keep a close eye on earnings and global markets for cues,” Jayant Manglik, President, Religare Broking said.
Pradip Shah of IndAsia Fund Advisors told CNBC-TV18 that investors need to negotiate for higher oil prices as well as fiscal stress. “We have oil, Trump as well as election factors to watch out for. Both oil as well as rupee’s moves add to the inflation for us and that does not augur well for the economy.”
Shah said it is good that the economy is performing well and attempting to stand on its feet.
On the global front, Asian stocks closed higher amid improved investor sentiment after US stocks notched gains in the last session, with Hang Seng rising 1.4 percent and Shanghai Composite up 0.85 percent.
European markets were mixed amid fresh earnings reports and higher oil prices.