Markets

Sensex rallies 519 points on easing Indo-China border tensions

Photo for representational purposes only

Photo for representational purposes only   | Photo Credit: Vivek Bendre

Rising for the fourth straight session, the BSE Sensex rallied over 519 points on Tuesday following reports that Indian and Chinese armies reached a consensus to de-escalate tensions on the border.

The 30-share BSE index settled 519.11 points, or 1.49 per cent, higher at 35,430.43, and the NSE Nifty surged 159.80 points, or 1.55 per cent, to close at 10,471.

L&T was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finance, IndusInd Bank, NTPC, PowerGrid, M&M and Axis Bank.

On the other hand, Reliance Industries Bharti Airtel and Maruti were the laggards.

Positive cues from global markets and sustained foreign fund inflow kept investor sentiment higher.

In a positive move, Indian and Chinese armies have arrived at a consensus to “disengage” from all friction points in eastern Ladakh at a marathon meeting of top military commanders of the two sides on Monday, official sources said.

The talks were held in a “cordial, positive and constructive atmosphere” and it was decided that modalities for disengagement from all areas in eastern Ladakh will be taken forward by both the sides, they said.

On a net basis, foreign institutional investors bought equities worth Rs 424.21 crore in the capital market on Monday, provisional exchange data showed.

The rupee appreciated 37 paise to close at 75.66 against the US dollar.

On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a positive note.

Stock exchanges in Europe were also trading significantly higher.

International oil benchmark Brent crude futures rose 1.37 per cent to USD 43.67 per barrel.

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Printable version | Jul 11, 2020 5:24:27 PM | https://www.thehindu.com/business/markets/sensex-rallies-519-points-on-easing-indo-china-border-tensions/article31898167.ece

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