Sensex jumps over 200 pts, Nifty tops 24,600 on global cues; auto, metal stocks rise
Sensex
and
Nifty50
opened higher on Monday after five consecutive weeks of losses, as investors weighed U.S. tariff developments and the Federal Reserve's policy outlook following weak labour market data.
At 9:28 am, the BSE Sensex was up 239 points, or 0.30%, at 80,839, while the Nifty50 rose 89 points, or 0.36%, to 24,654.
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From the Sensex pack,
BEL
,
Tata Steel
,
Bajaj Finserv
,
UltraTech Cement
,
HUL
,
Asian Paints
, and
Reliance Industries
opened with gains, while
Infosys
,
Tech Mahindra
,
HCL Tech
,
Power Grid
, and
Eternal
saw declines.
Meanwhile, data showed that U.S. employment growth came in weaker than expected for July, with significant downward revisions for the previous two months. This has increased the likelihood of a rate cut by the
U.S. Federal Reserve
in September.
Lower U.S. interest rates typically lead to lower Treasury yields and a weaker dollar, making emerging market equities like India's more attractive to foreign portfolio investors (FPIs), who have been heavy sellers in recent weeks.
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On the sectoral front, Nifty Auto, Metal, Financial Services, FMCG, Pharma, PSU Bank, Consumer Durables, and Oil & Gas indices rose between 0.2% and 0.8%. Meanwhile, the Nifty IT index opened 0.4% lower.
Among individual stocks,
Delhivery
jumped 5% after the logistics company posted a 68.5% year-on-year rise in net profit to Rs 91 crore for the June quarter, supported by tighter cost controls and steady revenues.
On the other hand,
Federal Bank
shares declined 5.3% in early trade after the lender reported a 14.6% YoY drop in standalone net profit to Rs 861.75 crore for the June quarter, down from Rs 1,009.53 crore in the same period last year.
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