Sensex Surges Over 550 Factors, Nifty Settles Above 11,300

The S&P BSE Sensex rallied over 550 factors and Nifty 50 index moved above its psychological degree 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 affect of renewed coronavirus outbreaks lifted traders’ sentiment. The Sensex rose as a lot as 620 factors and Nifty 50 index touched an intraday excessive of 11,318.

The Sensex ended 558 factors or 1.47 per cent increased at 38,492.95 and Nifty 50 index climbed 1.5 per cent or 169 factors to shut at 11,300.55.

“Markets have gained power on the again of better-than-expected June quarter earnings and simple liquidity,” analysts mentioned.

Shopping for was seen throughout sectors as all of the 19 sector gauges compiled by BSE ended increased led by Auto index’s three per cent acquire. Banking, IT, steel, monetary providers and realty indexes additionally rose over a per cent every.

Mid- and small-cap shares had been largely in-line with their bigger friends because the S&P BSE MidCap index rose 0.9 per cent and S&P BSE SmallCap index superior 1.three per cent.

UltraTech Cement was high Nifty gainer, the inventory closed 7 per cent increased at Rs 4,131 after it reported a web revenue of Rs 797.43 crore within the quarter ended June 30, and mentioned it had “emerged stronger and nicely ready” within the wake of the coronavirus pandemic.

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 had been among the many notable losers.

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