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Wednesday, May 27, 2020

Sensex surges 606 points, Nifty settles above 9,550-mark; financials, banks, IT stocks gain

The S&P BSE Sensex rose 605.64 points (1.89 per cent) to close at 32,720.16. Likewise, the Nifty 50 settled at 9,553.35, up 172.45 points (1.84 per cent).

By: Express Web Desk | New Delhi | Updated: April 29, 2020 4:20:51 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 indices on the BSE and National Stock Exchange (NSE) settled nearly 2 per cent higher on Wednesday led by gains in financials, banks and information technology (IT) stocks.

The S&P BSE Sensex rose 605.64 points (1.89 per cent) to close at 32,720.16. Likewise, the Nifty 50 settled at 9,553.35, up 172.45 points (1.84 per cent). Both the indices had opened nearly 0.5 per cent higher earlier in the day and inched higher as the day progressed with Sensex reaching an intraday high of 32,897.59 and Nifty touching 9,599.85.

On the Sensex, HDFC twins, which comprise of Housing Development Finance Corporation (HDFC) and HDFC Bank were the biggest gainers of the day. HCL Technologies, Mahindra & Mahindra (M&M), Tata Steel and State Bank of India (SBI) were the other key gainers on the BSE benchmark. On the other hand, Axis Bank, Asian Paints and Hindustan Unilever (HUL) were the top losers on Wednesday. (see heatmap below)

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

Among the sectoral indices on NSE, The Nifty Financial Services rose 3.43 per cent led by Indiabulls Housing Finance, HDFC and ICICI Prudential Life Insurance Company. This apart, Nifty IT index rose 2.22 per cent led by HCL Technologies, Hexaware Technologies and Infosys. The Nifty Bank too rose 2.03 per cent aided by Bandhan Bank and HDFC Bank.

Here’s how the sectoral indices were performed:

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

In the broader market, the S&P BSE MidCap settled at 11,840.20, up 117.32 points (1.00 per cent), while S&P BSE SmallCap closed at 10,975.16, up 112.62 points (1.04 per cent).

“Nifty closed above the 9,500 mark and almost all sectoral indices traded positive, except for the defensives, FMCG and Pharma. Expectations of lockdown measures easing and company-specific news about restarting operations gave support to the markets. The volatile crude oil prices were also up because of a lesser than forecasted increase in US oil inventories. Tomorrow we have the results of index heavyweights Reliance and HUL,” Vinod Nair, Head of Research at Geojit Financial Services said in a statement post market hours.

Rupee

The rupee surged 52 paise to close at 75.66 against the US dollar on Wednesday, tracking positive domestic equities and a weak American currency in the overseas market, news agency PTI reported.

This is the third consecutive day of gain for the rupee, during which it has appreciated by 80 paise.

At the interbank foreign exchange, the rupee opened at 75.94. During the session, it touched an intra-day high of 75.60 and a low of 75.96. The domestic unit finally settled at 75.66, registering a rise of 52 paise over its previous close. On Tuesday, the local unit had settled at 76.18 against the US dollar.

Global market

World shares eked out slim gains on Wednesday, with optimism over economies easing coronavirus lockdowns and oil prices clawing back ground leavened by caution over corporate earnings.

MSCI world equity index, which tracks shares in 49 countries, ticked up 0.2 per cent, with European shares mirroring a buoyant day in Asia after initially choppy trading.

The broad Euro STOXX 600 gained 0.1 per cent, with German automaker Volkswagen saying it expected a full-year profit even after a plunge in first-quarter earnings and Daimler also eyeing an operating profit for its Mercedes-Benz Cars & Vans unit.

Still, major drugmakers Roche and Novartis weighed on the market, falling 2 per cent and 0.7 per cent respectively.

Markets in Frankfurt and Paris both gained 0.3 per cent, with London adding 1 per cent.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1 per cent to a near two-month peak. Wall Street futures were up 0.7 per cent, helped by forecast-beating revenues from Alphabet Inc’s Google.

– with global market input from Reuters

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