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Saturday, May 30, 2020

Sensex rises 232 points, Nifty ends at 9,271 aided by banks, financial stocks

The S&P BSE Sensex ended at 31,685.75, registering a rise of 232.24 points (0.74 per cent), while the Nifty 50 climbed 65.30 points (0.71 per cent) to settle at 9,270.90.

By: Express Web Desk | New Delhi | Updated: May 6, 2020 4:14:09 pm
BSE in Mumbai. (Express photo by Pradip Das)

After a topsy-turvy session, the benchmark equity indices on the BSE and National Stock Exchange (NSE) ended nearly 0.75 per cent higher on Wednesday, thereby snapping out of a two-day losing streak, aided by gains in banking and financial stocks.

The S&P BSE Sensex ended at 31,685.75, registering a rise of 232.24 points (0.74 per cent), while the Nifty 50 climbed 65.30 points (0.71 per cent) to settle at 9,270.90. Both the indices had opened on a negative note earlier in the day and bounced back in the late morning deals. They remained positive for most of the afternoon before witnessing some volatility in the last hour of trade.

Gains on the Sensex were on Wednesday were led by Bajaj Finance, Mahindra & Mahindra (M&M), HDFC Bank, ICICI Bank, Bharti Airtel and Hero MotoCorp. on the other hand, fast-moving consumer goods majors ITC and Hindustan Unilever (HUL), along with information technology (IT) giants Tata Consultancy Services (TCS) and Infosys were the biggest losers of the day.

Among the sectoral indices, the Nifty Financial Services index ended 2.57 per cent higher led by gains in Mahindra & Mahindra Financial Services and Cholamandalam Investment and Finance Company. Likewise, the Nifty Bank index too settled 2.19 per cent aided by RBL Bank and Bandhan Bank. The Nifty Auto index too gained 1.84 per cent driven by M&M and TVS Motor Company.

In the broader market, the S&P BSE MidCap index ended at 11,480.58, up 89.37 poinst (0.78 per cent), while the S&P BSE SmallCap index settled at 10,701.31, up 51.70 points (0.49 per cent). The volatility index or India VIX slipped 5.33 per cent to end at 41.2800.

“Technically, while the Nifty has bounced back, the underlying short term trend remains down. Further downsides are likely once the immediate support of 9117 is broken. Any pullback rallies could find resistances at 9,347-9,450,” Deepak Jasani, Head – Retail Research at HDFC Securities said in a statement after the market hours.


The rupee depreciated 9 paise to close at 75.72 against the US dollar on Wednesday, following a strong American currency overseas and fears of a renewed trade war between the US and China, news agency PTI reported.

Rupee opened weak at 75.77 at the interbank forex market and then pared some losses to finally settle at 75.72, down 9 paise over its last close. It had settled at 75.63 against the US dollar on Tuesday.

Global market

Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering US-China tensions cast a pall over markets.

Oil prices ended an extended winning streak on oversupply risks.

MSCI’s index of global shares was trading flat. The pan-European STOXX 600 was 0.3 per cent higher, with losses in oil and gas shares weighing on the index.

Wall Street futures were positive, with E-minis for the S&P500 up 0.6 per cent.

MSCI’s broadest index of Asia Pacific shares outside of Japan climbed 0.7 per cent. Volumes were light with Japanese markets closed for a holiday.

China, opening for the first time since Thursday, reversed early losses, sending the blue-chip index up 0.6 per cent.

– with global market input from Reuters

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