Benchmark Sensex, Nifty Gained Towards Positive Territory

MUMBAI, India – Benchmark Sensex and Nifty indexes gained momentum on Monday to reach further in the positive territory during today’s afternoon session.

Sensex index rose towards 40,628, going up by 183 points for the day while the Nifty index increased 52 points to end the session at 11,973. Earlier today, Sensex was already marking around 82 points, going up at 40,527, mostly boosted by optimistic US jobs data.

The share price of Maruti Suzuki, the largest carmaker in India, has also tracked gains at 3.13% early in the trading session. The advance followed the car maker’s report on its production data for November, which rose by 4.33%. The gains were optimistic for Maruti Suzuki, ending nine months of straight declines. The carmaker recorded a 3% loss last year and another 4% decline early in 2019.

On the other hand, under the BSE, the Vodafone Idea share price was trading 6% lower earlier in the session, valuing at Rs 6.07 against its Rs 6.92 value from the previous close, marking 16% loss in three consecutive sessions.

Most of the increase in the market followed after the statement from the US Labor Department on Friday, saying that employers recorded 266,000 additional job positions. The current number is significantly higher than the 184,000 positions estimated previously.

The report also showed a 50-year low for the unemployment rate in the US. The strong US jobs data helped the global markets shift its focus from the increasing tensions on the trade negotiations between the US and China.

In India, the rupee tracked nine paise lower against the US dollar, resting at 71.29 compared to its 71.20 value from the previous week.

The mid-cap and small-cap indexes also recorded 10 points increase, and 18 points drop early in the session. The market breadth was modestly positive on Monday for the BSE, recording 761 shares going up compared to 759 stocks that declined.

In stocks listed under the BSE, the Vodafone Idea, DHFL, and MMTC were the top losers, while the gains in the exchange were mainly boosted by the share price increase for Wabag, Dish TV, and Omaxe.

Today, YES Bank stock price has also tracked gains for the day. Around noon, the shares for YES Bank already tracked 5% ahead of the board of directors of private lenders meeting for the finalization and approval of the preferential allotment details, which is scheduled for December 10. Subsequently, the YES Bank will also gather for a general meeting to acquire the approval from the shareholders.