Sensex Trades 300 Points Higher; Sun Pharma & Yes Bank Top Gainers

Share markets in India are presently trading on a positive note. All sectoral indices are trading in green with stocks in the consumer durable sectorbanking sector and finance sector witnessing maximum buying interest.

The BSE Sensex is trading up by 316 points (up 0.9%), while the NSE Nifty is trading up by 95 points (up 0.9%). The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.8%.

The rupee is trading at 70.02 against the US$.

The rupee rose by 35 paise to 70.00 against the US$ in early trade aided by foreign fund inflows amid a weak dollar globally and sharp fall in crude oil prices.

The US dollar fell against major global currencies as investors turned their focus to safe-haven currencies amid renewed worries over US-China trade tensions and global economic growth.

In the last few sessions, the rupee has been strengthening against the US$. Last week, dollar came under pressure after the Federal Reserve in its policy statement mentioned that rate hike in the coming year could be restricted to two compared to earlier estimates of three rate hikes next year.

In the news from the commodity space, after falling in the previous session, oil prices jumped as much as 3% but growth in US crude stockpiles and ongoing concerns about the global economy kept markets under pressure.

On Thursday, crude oil declined by 4.24% to US$ 52.16 per barrel after reports of an increase in US inventories. Oil prices fell to their lowest in more than a year on Thursday, a day after their biggest one-day rally in two years, pulled down by worries about the global economy and a supply glut.

Reportedly, US crude inventories rose by 6.9 million barrels to 448.2 million barrels on increased refinery output.

The United States has emerged as the world's biggest crude producer, pumping 11.6 million barrels per day (bpd), more than both Saudi Arabia and Russia.

On Thursday, Russian Energy Minister Alexander Novak said that rising protectionism and the unpredictability of the US administration had greatly contributed to global oil price volatility over the past two years. Novak also said Russia would cut its crude output by between 3 and 5 million tonnes in the first half of 2019 as part of a deal between producers

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