Sensex opens over 150 pts higher on first day of 2020; RIL top gainer

Equity benchmark BSE Sensex jumped over 150 points in opening session on the first day of 2020, tracking buying in index heavyweights Reliance Industries, HDFC twins, ICICI Bank, L&T and Axis Bank.

After rising 164 points in early trade on Wednesday, the 30-share BSE index was quoting 131.47 points or 0.32 per cent higher at 41,385.21. Similarly, the broader NSE Nifty rose 46.75 points or 0.38 per cent to 12,215.20.

Reliance Industries was the top gainer in the Sensex pack, rising up to 0.82 per cent, followed by L&T, IndusInd Bank, Bharti Airtel, Tata Steel and Axis Bank.

On the other hand, NTPC was the top loser, shedding up to 0.29 per cent. TCS and Nestle India were also trading in the red.

In the previous session, the 30-share gauge tumbled 304.26 points, or 0.73 per cent, to 41,253.74. The Nifty too closed 87.40 points, or 0.71 per cent, lower at 12,168.45.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 1,265.10 crore, while domestic institutional investors purchased shares worth Rs 585.07 crore on Tuesday, data available with stock exchanges showed.

According to experts, market is currently witnessing a navigation of fund flows from large-caps to mid-caps in expectation of lucrative government policies and positive global environment which is supporting investor sentiments.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul remained closed, while those on Wall Street ended on a positive note on Tuesday.

Brent futures, the global oil benchmark, slipped 0.96 per cent to USD 66.03 per barrel.

Meanwhile, the rupee appreciated 5 paise to 71.30 against the US dollar in morning session.