Energy stocks fuel market rally; Nifty tops 10600-mark

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The benchmark BSE Sensex jumped 165 points up, to close at 34,616.64 on Tuesday, while the NSE Nifty ended 29 points higher at 10,614.35.

The Sensex has so far touched a high of 34,500.55 points and a low of 34,396.03 points during the intra-day trade. Markets in Asia opened lowered on Wednesday, following an overnight drop in USA stocks where the Dow fell more than 400 points.

Reliance Industries was the top gainer in the Sensex pack, surging 3.70 per cent, while the BSE Energy index outperformed all other sectoral indices by a wide margin. The broader Nifty50 was also trading above the 10,600 level at 10,611.20, down 47.15 points or 0.45 per cent.

On the other hand, shares of Bharti Airtel fell 0.94 percent and IDFC Bank dropped 0.10 percent, ahead of their Q4 results scheduled to announce today.

The rupee weakened by 4 paise to 66.16 against the U.S. dollar in early trade due to foreign capital outflows. Brent crude futures were up 0.28 percent at Dollars 74.92 a barrel and U.S. crude futures were up 0.55 percent at USD 69.02 a barrel.

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Market breadth was negative with 1,080 advances against 1,341 declines. TCS shares rose close to 2.5 per cent.

Oil prices slipped back from near 3-1/2-year highs as talks between US President Donald Trump and French President Emmanuel Macron eased concerns Washington may reinstate sanctions against Iran. China's Shanghai Composite gained 2 percent and Hong Kong's Hang Seng gained 1.3 percent while Japan's Nikkei rose 0.9 percent.

Nalco, Hindalco, Vedanta and Jindal Steel were among the top losers in the BSE metal index, diving by up to 8 per cent.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 680.99 crore, while domestic institutional investors (DIIs) bought shares worth Rs 508.55 crore yesterday, provisional data showed.

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