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Tuesday, September 29, 2020

Sensex climbs 371 points, Nifty settles at 9,381; banks, financials rally

The S&P BSE Sensex climbed 371.44 points (1.17 per cent) to end at 32,114.52, while the Nifty 50 settled at 9,380.90, up 98.60 points (1.06 per cent).

By: Express Web Desk | New Delhi | Updated: April 28, 2020 4:18:21 pm
indian share market news, indian stock market news, bse sensex live updates, nse nifty 50 live updates, 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) ended over 1 per cent higher on Tuesday led by sharp gains in banking and financial stocks.

The S&P BSE Sensex climbed 371.44 points (1.17 per cent) to end at 32,114.52, while the Nifty 50 settled at 9,380.90, up 98.60 points (1.06 per cent). Both the indices had opened around 1 per cent higher earlier in the day, but pared their gains and turned negative during the intraday trade. They eventually bounced back during the afternoon session before reclaiming their day’s high during the last hour of trade.

Gains on the Sensex on Tuesday were led by IndusInd Bank, Bajaj Finance, Housing Development Finance Corporation (HDFC), Axis Bank, ICICI Bank and Mahindra & Mahindra (M&M). On the other hand, Sun Pharmaceutical Industries, NTPC, Nestle India, HCL Technologies, Bharti Airtel and Bajaj Auto were among the biggest losers 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 Bank settled 2.94 per cent higher led by gains in IndusInd Bank, RBL Bank and The Federal Bank. Similarly, the Nifty Financial Services ended 3.36 per cent led by Cholamandalam Investment and Finance Company, Bajaj Finance and HDFC.

Here’s how all the sectoral indices performed:

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

In the broader market, the S&P BSE MidCap closed at 11,722.88, up 93.19 points (0.80 per cent), while S&P BSE SmallCap ended at 10,862.54, up 82.98 points (0.77 per cent).

“Benchmark indices ended positive tracking global markets, led by financials. Hopes of a fiscal stimulus have given support to the markets. Stock specific news reactions are happening based on the results and management commentary. The sustainability of this rally depends on the easing of lockdown measures and the measures to get businesses back on track,” Vinod Nair, Head of Research at Geojit Financial Services, said in a statement after market hours.

Rupee

The rupee rose by 7 paise to close at 76.18 (provisional) against the US dollar on Tuesday, tracking positive domestic equities and a weak American currency in the overseas market, news agency PTI reported.

This is the second consecutive day of gain for the rupee, during which it has appreciated by 28 paise.

At the interbank foreign exchange, the rupee opened at 76.33. During the session, it touched an intra-day high of 76.14 and a low of 76.44. The domestic unit finally settled at 76.18, registering a rise of 7 paise over its previous close. On Monday, the local currency had settled at 76.25 against the greenback.

Global Markets

Most Asian shares made gains while US stock futures fell on Tuesday amid choppy trade as a renewed decline in oil prices partially offset optimism about the easing of coronavirus-related restrictions.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.34 per cent. China’s CSI300 index rose 0.65 per cent. South Korean shares gained 0.6 per cent, while Japan’s Nikkei was little changed.

Euro Stoxx 50 futures were up 0.11 per cent, German DAX futures climbed 0.28 per cent, and FTSE futures rose 0.27 per cent, suggesting European shares could rise at the start of trade.

– with global market inputs from Reuters

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