Markets resume upward march; HDFC twins, RIL sparkle

Bajaj Finance was the top gainer in the Sensex pack, spurting 3.93% , followed by SBI, Tata Steel, HDFC, Bajaj Finserv, HCL Tech and Axis Bank

July 09, 2020 06:56 pm | Updated 06:56 pm IST - Mumbai

In value terms, HDFC, Reliance Industries and HDFC Bank contributed to most of the gains on the Sensex.

In value terms, HDFC, Reliance Industries and HDFC Bank contributed to most of the gains on the Sensex.

Resuming their upmove after a day’s breather, equity benchmarks posted smart gains on Thursday as buyers flocked to finance and banking counters amid buoyancy in global markets.

After touching a peak of 36,806.30 during the day, the 30-share BSE Sensex settled 408.68 points, or 1.12% , higher at 36,737.69.

Similarly, the NSE Nifty jumped 107.70 points, or 1.01% , to finish at 10,813.45.

Both the indices closed at four-month highs.

Bajaj Finance was the top gainer in the Sensex pack, spurting 3.93% , followed by SBI, Tata Steel, HDFC, Bajaj Finserv, HCL Tech and Axis Bank.

In value terms, HDFC, Reliance Industries and HDFC Bank contributed to most of the gains on the Sensex.

On the other hand, ONGC, Tech Mahindra, Maruti, TCS, HUL and ITC were among the laggards, skidding up to 1.66% .

Meanwhile, wooing global companies, Prime Minister Narendra Modi on Thursday said Asia’s third-largest economy is one of the most open in the world and offers investment friendly, competitive business environment and immense opportunities.

Speaking at the India Global Week 2020, he said green shoots of economic revival are already visible in India that is coming out of coronavirus lockdown.

Vinod Nair, Head of Research at Geojit Financial Services, said, “In spite of rising concerns regarding the spread of the virus infections, markets continued to focus on the path to recovery in the economy. With liquidity giving adequate support, investors are looking towards the start of the earnings season.”

“With the lockdown and the economic activity coming to a standstill in the last quarter, investors will be looking forward to the earnings commentary, to understand the outlook,” he added.

BSE metal, finance, bankex, basic materials, energy and telecom indices surged up to 2.13% , while FMCG, power and capital goods ended with losses.

Broader BSE mid-cap and small-cap indices rose up to 0.49 % .

On the global front, Chinese equities led other Asian markets higher. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains.

Stock exchanges in Europe too opened on a positive note.

International oil benchmark Brent crude futures inched up 0.05% to USD 43.31 per barrel.

In the forex market, the rupee settled 3 paise higher at 74.99 against the U.S. Dollar.

India saw a record single-day surge of 24,879 COVID-19 cases taking the caseload to 7,67,296 on Thursday, while the death toll climbed to 21,129, according to the Union Health Ministry data.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.