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Sensex, Nifty open higher as BJP takes lead in assembly elections

Larsen & Toubro climbed nearly 2 per cent to Rs 1,455 in the early trade.

ETMarkets.com|
Last Updated: Oct 24, 2019, 09.39 AM IST
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Domestic equity market on Thursday opened with gains amid ongoing counting for assembly elections in Maharashtra and Haryana in which BJP seems to be cruising to victory, according to early trends.

The 30-share Sensex climbed 216 points to 39,277. Its counterpart Nifty edged 60 points higher to 11,663.

Larsen & Toubro climbed nearly 2 per cent to Rs 1,455 in the early trade as it reported a 6.83 per cent year-on-year (YoY) rise in net profit at Rs 2,770.43 crore for the quarter ended September 2019.

HCL Technology also jumped 4 per cent to RS 1,139 on NSE after it reported a 4.4 per cent YoY jump in net profit at Rs 2,651 crore in the September quarter. Sequentially, the profit growth stood at 19.4 per cent.

Tech Mahindra, up 1.6 per cent to Rs 738 and Bajaj Finserv up 1.5 per cent to Rs 8,191 were other major gainers on Nifty. BPCL was the biggest loser among the 50-share pack, falling 2.3 per cent to Rs 515.

Among sectors, Nifty Media was the biggest gainer, up 1.1 per cent to 1,754 points. Nifty Auto and Nifty Metal were trading in the red, down 0.17 per cent to 8,022 and 0.23 per cent to 2,431, respectively.

Asian shares pulled ahead as corporate earnings and a ceasefire in northern Syria helped prop up sentiment, though the backdrop of trade and brexit uncertainties was enough to prevent a decisive shift towards riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent with Japan's Nikkei rising 0.66 per cent to a one-year high. Australian shares climbed 0.5 per cent while South Korea's KOSPI eased 0.1 per cent.
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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