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Thursday, August 06, 2020

Sensex surges 466 points, Nifty ends at 10,764 on global cues; autos, metals shine

The S&P BSE Sensex ended at 36,487.28, up 465.86 points (1.29 per cent), while the broader Nifty 50 ended 156.30 points (1.47 per cent) higher at 10,763.65.

By: Express Web Desk | New Delhi | Updated: July 6, 2020 4:35:05 pm
indian share market live updates, indian stock market live updates, sensex opens over 1000 points higher, rbi reserve bank of india press conference, rbi governor shaktikanta das, business news india, indian express business news BSE in Dalal Street, Mumbai. (Express photo by Nirmal Harindran)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) continued their bull run for the fourth consecutive session, as they settled over 1 per cent higher on Monday tracking the gains in the global market.

The S&P BSE Sensex ended at 36,487.28, up 465.86 points (1.29 per cent), while the broader Nifty 50 ended 156.30 points (1.47 per cent) higher at 10,763.65. Both the indices had opened over 0.75 per cent higher earlier in the day and traded on a positive note throughout the session.

During the intraday trade, the Sensex touched a high of 36,661.66, while the Nifty reached 10,811.40.

As many as 25 stocks on the Sensex ended higher on Monday. Mahindra & Mahindra (M&M), Bajaj Finance, Reliance Industries (RIL), Maruti Suzuki India, Tata Consultancy Services (TCS) and HDFC Bank were the biggest gainers of the day. (see heatmap below)

Gainers and losers of the day on the Sensex. (Source: BSE)

Among sectoral indices on NSE, the Nifty Auto index rallied 2.88 per cent on Monday driven by gains in M&M, Ashok Leyland and Tata Motors. Likewise, the Nifty Metal too climbed 2.47 per cent led by Hindustan Copper, Hindalco Industries and Welspun Corp.

Here’s how the sectoral indices performed:

Sectoral gainers and losers of the day on the National Stock Exchange. (Source: NSE)

In the broader market, S&P BSE MidCap index settled at 13,457.64, up 168.94 points (1.27 per cent), while the S&P BSE SmallCap ended at 12,766.59, up 163.57 points (1.30 per cent).

“Indian indices ended with gains, in sync with solid global cues. Global markets rallied on hopes of a faster Chinese economic revival which could provide a support to the global economy. The positivity regarding the recovery is extending to Indian markets also, inspite of surging infections, along with liquidity. The first signs of de-escalation of India–China border tensions should also calm the markets. We maintain the sell-on-rise strategy and advise investors to trade with caution,” Vinod Nair, Head of Research at Geojit Financial Services, said in a statement.

Rupee

The rupee pared initial gains and settled 2 paise down at 74.68 against the US dollar on Monday even as the domestic equity market traded in the positive territory.

Forex traders said positive equities, foreign fund inflows and weak US currency supported the local unit, however rising COVID-19 cases weighed on investor sentiment.

In a highly volatile session, the rupee which opened at 74.53 against the US dollar, touched an intra-day high of 74.52 against US dollar, and a low of 74.82.

The domestic unit finally closed at 74.68 against the US dollar, down 2 paise over its previous close of 74.66 on Friday.

Global markets

Global stock markets rallied to four-week highs on Monday as investors counted on a revival in Chinese activity to boost global growth, even as surging coronavirus cases delayed business re-openings across the United States.

MSCI’s All-Country World Index, which tracks shares across 49 countries, rose 0.7 per cent to its highest since June 6 after the start of European trading.

European shares jumped, with the pan-European STOXX 600 index rising 1.64 per cent. Stocks exposed to China, like carmakers, industrials, energy firms and luxury goods makers rose strongly, while banks also rallied.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.6 per cent to its highest since February, with the bullish sentiment spilling into other markets.

E-Mini futures for the S&P 500 firmed 1.2 per cent.

Chinese blue chips jumped 5.7 per cent on top of a 7 per cent gain last week to their loftiest level in five years. Even Japan’s Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.8 per cent.

– rupee input from PTI, global market input from Reuters

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