Markets

Sensex rallies 748 pts; RIL, HDFC Bank sparkle

Reliance Industries was the top gainer in the Sensex pack, surging around 7 %.

Reliance Industries was the top gainer in the Sensex pack, surging around 7 %.   | Photo Credit: PTI

Domestic equity benchmark Sensex soared 748 points on Tuesday, led by massive buying in index majors Reliance Industries and HDFC Bank amid heavy foreign fund inflows and a positive trend in global equities.

The BSE Sensex settled 748.31 points or 2.03 % higher at 37,687.91, while the NSE Nifty rallied 203.65 points or 1.87 % to 11,095.25.

Reliance Industries was the top gainer in the Sensex pack, surging around 7 %.

HDFC Bank jumped nearly 4 % after the RBI approved the appointment of Sashidhar Jagdishan as Managing Director and CEO of the bank for a period of three years.

Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains.

On the other hand, Tech Mahindra, IndusInd Bank, HCL Tech, UltraTech Cement and Infosys were among the laggards.

According to traders, stock-specific action in index-heavyweights drove the markets higher. Further, strong foreign fund inflows and positive cues from global markets cheered investors.

Exchange data showed that foreign institutional investors purchased equities worth ₹7,818.49 crore on a net basis on Monday.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains.

Stock exchanges in Europe were also trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 1.61 % lower at $43.44 per barrel.

In the forex market, the rupee settled 3 paise down at 75.04 against the US Dollar.

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Printable version | Sep 24, 2020 9:44:38 PM | https://www.thehindu.com/business/markets/sensex-rallies-748-pts-ril-hdfc-bank-sparkle/article32268714.ece

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