Sensex, Nifty back in green as banks, metals shine

Sensex today ITC Bharti Airtel top gainers Sensex gains 70 points

At 3.30 p.m. the wider Nifty50 on the National Stock Exchange provisionally closed at 10,548.70 points, up 20.35 points or 0.19 per cent from the previous close. The BSE Sensex rose 95.61 points or 0.28 per cent to end at 34,427.29 while the Nifty50 index added 39.10 points or 0.37 per cent to end above the 10550 mark at 10.565.30.

Gainers that supported the upmove were ONGC, Tata Steel, Adani Ports, ITC, Dr Reddy's, Asian Paints, L&T, Yes Bank and Reliance Industries, rising up to 2.15 per cent.

The surge came on a Reuters report that OPEC's new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement's original target is within sight. Hindalco, Nalco, Tata Steel, Hindustan Copper and Vedanta rallied 3-12 percent.

Investors cheered March-quarter results of IT firm Mindtree Ltd, sending the shares 3 per cent higher.

Oil prices extended gains after settling close to 3 percent higher in the previous session on fall in United States crude inventories and after sources told Reuters that top exporter Saudi Arabia is seeking to push oil prices higher.

In other Asian markets, Hong Kong's Hang Seng rose 1.34 percent, while Japan's Nikkei gained 0.62 percent.

More news: Fraternity's racist, anti-semitic, & homophobic initiation ritual caught on video

TCS stock is up 0.50% ahead of Q4 results later in the day.

BPCL tanked 7.07 per cent to be the top loser in Nifty, followed by HPCL and International Olympic Committee, which fell 5.66 per cent and 4.24 per cent respectively.

"The recent boring phase in index is showing early sign of exhaustion thus profit booking is advisable on every rise".

The Dow ended down 0.16 percent, while the S&P 500 gained 0.08 per cent and the Nasdaq 0.19 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 951.39 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 723.81 crore yesterday, as per provisional data.

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