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Sunday, September 20, 2020

Sensex surges 409 points, Nifty settles above 10,800-mark as metals, banks rally

The S&P BSE Sensex climbed 408.68 points (1.12 per cent) to end at 36,737.69, while the broader Nifty 50 settled above the 10,800-level at 10,813.45, registering a gain of 107.70 points (1.01 per cent).

By: Express Web Desk | New Delhi | Updated: July 9, 2020 5:40:41 pm
An electronic screen and a digital ticker board are seen at the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, Feb. 3, 2020. Photographer: Dhiraj Singh/Bloomberg

The topline equity indices on the BSE and National Stock Exchange (NSE) resumed their winning ways after a one day dip as they settled over 1 per cent higher on Thursday taking cues from the global markets. The gains were led by metals, banking and financial stocks.

The S&P BSE Sensex climbed 408.68 points (1.12 per cent) to end at 36,737.69, while the broader Nifty 50 settled above the 10,800-level at 10,813.45, registering a gain of 107.70 points (1.01 per cent). Both the indices had opened around 0.5 per cent higher earlier in the day and progressed higher as the day proceeded.

During the intraday trade, the BSE benchmark hit a high of 36,806.30, while the Nifty scaled 10,836.85.

On the Sensex, the gains on Thursday were led by Bajaj Finance, State Bank of India (SBI), Tata Steel, Housing Development Finance Corporation (HDFC), Bajaj Finserv and HCL Technologies. On the other hand, Oil and Natural Gas Corporation (ONGC), Tech Mahindra, Maruti Suzuki India, Tata Consultancy Services (TCS), Hindustan Unilever (HUL) and ITC were the top laggards of the day. (see heatmap below)

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

Among the sectoral indices on NSE, the Nifty Metal index was the best performer of the day, rising 1.95 per cent led by Hindalco Industries, Jindal Steel & Power and Steel Authority of India. The Nifty Financial Services index also climbed 1.58 per cent aided by HDFC, SBI and Bajaj Finance. This apart, the key Bank Nifty was also rose 1.43 per cent led by SBI, Axis Bank and HDFC Bank.

Here’s how the sectoral indices performed:

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

Rupee

The rupee pared some of its initial gains and settled 3 paise higher at 74.99 (provisional) against the US dollar on Thursday tracking weakness in the greenback and gains in the domestic equity market.

Forex traders said positive domestic equities and weak US currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.

The rupee opened at 74.94 against the US dollar, but lost ground and settled for the day at 74.99 against the US dollar, up 3 paise over its previous close.

It had settled at 75.02 against the greenback on Wednesday.

In a volatile trading session, the rupee touched an intra-day high of 74.91 and a low of 75.07 against the US dollar.

Global markets

European shares were rising again after a two-day wobble on Thursday as China’s markets continued their charge, and something between fear and greed propelled gold to a nine-year high.

Chinese stocks set their longest winning streak in two years and the yuan had strengthened past 7 per dollar overnight, despite rising tension over Hong Kong and the economic uncertainty caused by COVID-19.

It was the Shenzhen blue-chip index’s eighth straight day of gains, adding another 1.5 per cent to its 16 per cent surge this month, and pushed Europe in the right direction after some hesitation caused by uninspiring German data.

– with rupee input from PTI, global market input from Reuters

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