Home BUSINESS Sensex Edges Higher Ahead Of Karnataka Election Results; Sun Pharma Up 3%

Sensex Edges Higher Ahead Of Karnataka Election Results; Sun Pharma Up 3%

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New Delhi: Indian shares rose on Monday despite disappointing macroeconomic data as positive Asian shares boosted sentiments. Meanwhile, caution was visible ahead of the Karnataka state election results. The benchmark BSE Sensex rose over 53 points in early trade today while the Nifty50 index traded strong above the 10,800 mark.

The 30-share barometer, which had gained 289.52 points in the previous session, was trading higher by 53.21 points, or 0.14 per cent, at 35,589, with realty, oil and gas, healthcare, PSU, banking and capital goods stocks leading the gains. On similar lines, the NSE Nifty went up by 15.55 points, or 0.14 per cent, to 10,822.05.

Industrial output growth fell to a five-month low of 4.4 per cent in March due to a decline in capital goods production and deceleration in mining activity and power generation, according to official data released after market hours on Friday. Inflation data will be released later today.

On the political front, most exit polls indicated a tight race between the BJP and Congress in Karnataka, where assembly elections were held on Saturday.

Among Nifty50 stocks, Sun Pharma was the top gainer, up 3.04 per cent followed by Dr Reddy’s Lab and Lupin, which added 2.49 per cent and 2.30 per cent respectively. NTPC, Kotak Mahindra Bank, ITC, SBI, Bajaj Auto, IndusInd Bank, UltraTech cement, Yes Bank were the other prominent gainers in the Nifty.

DIIs bought shares worth a net Rs 1,163.35 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 325.44 crore on Friday, as per provisional data.

A firm trend at other Asian markets following positive leads from Wall Street and unabated buying by domestic institutional investors (DIIs) supported the gains, brokers said. Hong Kong’s Hang Seng was up 1.29 per cent, Shanghai’s Composite index rose 0.55 per cent, while Japan’s Nikkei gained 0.24 per cent in early trade.

The US Dow Jones Industrial Average ended 0.37 per cent higher on Friday.

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