Sensex Rises Over 200 Points, Nifty Crosses 10,750 Amid Gains Across Sectors

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Sensex Rises Over 200 Points, Nifty Crosses 10,750 Amid Gains Across Sectors

Financial, IT and metal stocks led gains across most sectors

Domestic stock markets started Thursday’s session on a positive note tracking gains in Asian equities, as hopes of a robust economic recovery offset concerns over flare-ups in the coronavirus pandemic. The S&P BSE Sensex index rose 0.58 per cent – or 212.52 points – to touch 36,541.53 at the strongest level recorded in the first few minutes of trade, after opening with a gain of 121.68 points at 36,450.69. The broader NSE Nifty 50 benchmark climbed to as high as 10,763.75, having started the day stronger at 10,755.55 compared to its previous close of 10,705.75.

At 9:22 am, the Sensex traded 182.93 points – or 0.50 per cent – higher at 36,511.94, while the Nifty was up 46.25 points – or 0.43 per cent – at 10,752.00. Both benchmark indices continued to rise after a day’s pause following a rally that lasted five days. 

In the past five sessions, the Sensex has risen 1,758.72 points – or 5.04 per cent – and the Nifty added 497.55 points (4.83 per cent). 

Most sectors moved higher, led by gains in financial, IT and metal shares. The Nifty Bank index – which measures the performance of 12 major lenders in the country including SBI and HDFC Bank – was up 0.80 per cent at the time, having risen as much as 0.95 per cent earlier.   

Analysts awaited key macroeconomic data as well as the first of the quarterly corporate earnings due this week.

Official data on industrial production and retail as well as wholesale inflation will be released on Friday. IT major Tata Consultancy Services (TCS) will kick off the earnings season by reporting its financial results for the April-June period on the same day.

Equities elsewhere in Asia moved higher tracking overnight gains in US markets. MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.56 per cent higher, while Japan’s Nikkei 225 benchmark was up 0.21 per cent. 

China’s Shanghai Composite, Hong Kong’s Hang Seng and South Korea’s KOSPI indices were up 0.86 per cent, 0.46 per cent and 0.60 per cent at the time respectively. 

The E-Mini S&P 500 futures were down 0.07 per cent, indicating a flat to negative start for US markets on Thursday.

On Wednesday, demand for technology stocks helped the Nasdaq Composite end 1.44 per cent higher, its fourth record closing high in five days. The Dow Jones Industrial Average and the S&P 500 barometers gained 0.68 per cent and 0.78 per cent respectively.

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