Sensex Rises Over 300 Points, Nifty Above 10,350 Backed By Gains Across Sectors

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Sensex Rises Over 300 Points, Nifty Above 10,350 Backed By Gains Across Sectors

Gains across sectors supported the markets

Domestic stock markets started Friday’s session on a positive note, resuming gains after a two-day pause. The S&P BSE Sensex index opened 302.68 points higher at 35,144.78, and the broader NSE Nifty 50 benchmark started the day at 10,378.90, up 90.00 points from its previous close. Gains across sectors – led by financial, automobile and metal shares – supported the markets. At 9:21 am, the Sensex traded 319.22 points – or 0.92 per cent – higher at 35,161.32, while the Nifty was up 72.85  points – or 0.71 per cent – at 10,361.75. 

Forty five stocks in the Nifty basket of 50 components moved higher at the time. Top percecntage gainers were IndusInd Bank, Hindalco, Zee Entertainment, Infosys and ITC, trading between 2.15 per cent and 3.48 per cent higher.

On the other hand, Kotak Mahindra Bank (down 077 per cent) and Bharti Infratel (down 0.46 per cent) were among top Nifty losers.

Equities in other Asian markets eked out gains on Friday but were set to finish the week on a flat note. MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.15 per cent higher, while Japan’s Nikkei 225 benchmark was up 0.97 per cent.

While China’s Shanghai Composite and Hong Kong’s Hang Seng indices were up 0.30 per cent and 0.93 per cent respectively at the time, South Korea’s KOSPI benchmark was down 0.48 per cent.

The E-Mini S&P 500 futures were down 0.15 per cent, indicating a mildly negative start for US markets on Friday.

Overnight, Wall Street finished a choppy session on a positive note. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite indices ended 1.10 per cent, 1.18 per cent and 1.09 per cent higher respectively.

On Thursday, the Sensex ended a volatile session 26.88 points – or 0.08 per cent – lower at 34,842.10, and the Nifty settled at 10,288.90, down 16.40 points – or 0.16 per cent – from its previous close.

The International Monetary Fund (IMF) on Wednesday predicted the Indian economy would contract by 4.5 per cent in 2020, and said it expects global output to shrink 4.9 per cent this year – a sharper fall than the 3 per cent contraction predicted in April.

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