The S&P BSE Sensex rallied over 500 factors and Nifty 50 index moved nearer to its necessary psychological stage of 11,300 led by good points in auto, info expertise, monetary providers, steel and banking shares. Sturdy company earnings together with hopes that one other flood of US stimulus would cushion the worldwide impression of renewed coronavirus outbreaks lifted traders’ sentiment. The Sensex rose as a lot as 539 factors and Nifty 50 index touched an intraday excessive of 11,295.55.
As of two:50 pm, the Sensex was up 531 factors at 38,466 and Nifty was at 11,294, up 162 factors.
“Markets have gained energy on the again of better-than-expected June quarter earnings and straightforward liquidity,” analysts mentioned.
Shopping for was seen throughout sectors as all of the 19 sector gauges compiled by BSE have been buying and selling increased led by Auto index’s three per cent achieve. Banking, IT, steel, monetary providers and realty indexes additionally rose over a per cent every.
Mid- and small-cap shares have been underperforming their bigger friends because the S&P BSE MidCap index rose 0.eight per cent and S&P BSE SmallCap index superior 0.55 per cent.
UltraTech Cement was prime Nifty gainer, the inventory rose eight per cent to Rs 4,180. Kotak Mahindra Financial institution, Tata Motors, Grasim Industries, Hindalco, TCS, IndusInd Financial institution and Shree Cements additionally rose between 4-5 per cent.
On the flipside, Bharti Infratel, ICICI Financial institution, Zee Leisure, ONGC, Nestle, Asian Paints and Indian Oil have been among the many notable losers.