Sensex ends 87 points higher on positive Asian cues

MUMBAI: The BSE benchmark Sensex closed 87 points higher after a volatile session on Monday, helped by positive Asian equities in the wake of a preliminary trade deal between the US and China.

After swinging 448 points, the 30-share Sensex ended 87.39 points or 0.23 per cent, higher at 38,214.47.

It hit an intra-day high of 38,513.69 and a low of 38,066.13. The broader NSE Nifty too rose 36.10 points, or 0.32 per cent, to end at 11,341.15.

Tata Motors was the top gainer in the Sensex pack rallying 5.32 per cent. ONGC rose 4.73 per cent after Oil Minister Dharmendra Pradhan said the state-owned firm was free to sell its stake in the HPCL.

Among other prominent gainers were Bharti Airtel, IndusInd Bank, Sun Pharma, Axis Bank, Maruti Suzuki, Bajaj Auto and TCS.

On the other hand, Infosys was the top laggard on the index, shedding 3.68 per cent, after the company reported a 2 per cent decline in its consolidated net profit for the July-September quarter.

Other losers included Bajaj Finance, PowerGrid, L&T, Kotak Bank -- dropping up to 2.37 per cent.

Besides stock-specific action, domestic equities followed other Asian stocks that rallied on US President Donald Trump's statement that US had reached a "very substantial" Phase 1 trade deal with China, traders said.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended significantly higher, while those in Europe were trading in the red.

On the domestic front, wholesale price index-based inflation eased to more than a three-year low of 0.33 per cent in September due to a fall in prices of fuel and certain food articles.

Market sentiment, however, remained volatile amid concerns over an economic slowdown after the World Bank said India's growth rate is projected to fall to 6 per cent after a broad-based deceleration in the initial quarters of this fiscal year, traders said.

Meanwhile, the Indian rupee depreciated 13 paise to 71.16 against the US dollar intra-day. Brent crude futures, the global oil benchmark, plunged 2.26 per cent to USD 59.14 per barrel.