NDTV News

Sensex, Nifty Gain Over 5% In 5 Days

Domestic stock markets soared more than 1 per cent on Tuesday to extend recent gains to a fifth straight session, tracking Asian equities as hoped for a COVID-19 vaccine and a strong earnings season eclipsed fears over surging domestic coronavirus cases. The S&P BSE Sensex index jumped as much as 1.35 per cent – or 504.39 points – to touch 37,923.38 during the session, and the broader NSE Nifty 50 benchmark climbed to as high as 11,164.45 – both their highest intraday levels recorded since March 5. Gains across sectors, led by banking, financial services and energy shares, supported the markets. 

The Sensex ended 511.34 points – or 1.37 per cent – higher at 37,930.33, and the Nifty settled at 11,168.65 for the day, up 146.45 points – or 1.33 per cent – from its previous close.

Good rainfall and good quarterly results of IT, cement and insurance companies so far is driving the current momentum in the markets, Anita Gandhi, director at Mumbai-based Arihant Capital Markets, told NDTV. “Liquidity from high net worth and retail investors (is) also helping markets,” she said. 

In the Nifty basket of 50 shares, Power Grid, Indian Oil, Bharat Petroleum, Eicher Motors, HDFC and ICICI Bank were the biggest percentage gainers, settling between 4.48 per cent and 6.42 per cent higher for the day.

On the other hand, top Nifty losers were Bajaj Finance, Bajaj Finserv, Britannia Asian Paints and Bharti Infratel, closing between 1.75 per cent and 4 per cent lower.

Shares in Bajaj Finance finished 4.31 per cent lower at Rs 3,292.90 apiece on the BSE, after the Pune-based non-banking financial company reported a 19.49 per cent year-on-year fall in net profit to Rs 962.32 crore for the April-June period. (Also Read: Rahul Bajaj To Step Down As Chairman Of Bajaj Finance)

In the five-day period, the Sensex rose 1,897.27 points – or 5.27 per cent – and the Nifty added 562.85 points (5.31 per cent).

Analysts awaited more large cap companies to report their financial results for the April-June period. Axis Bank and Hindustan Unilever are scheduled to report their results later in the day.

Global equity markets hit their strongest levels since March after European Union leaders sealed a 750 billion euro ($857 billion) post-pandemic stimulus plan following a five-day meeting.

Hopes that vaccines against the COVID-19 disease might be ready by the end of the year also supported the rally, following promising early data from trials of three potential vaccines.

While MSCI’s broadest index of Asia Pacific shares outside Japan rose 1.94 per cent, Japan’s Nikkei 225 benchmark climbed up 0.73 per cent. 

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

18 + six =