India News | Sensex Builds on Gains Amid Global Rally; HDFC Twins Sparkle
Get latest articles and stories on India at LatestLY. The BSE Sensex closed in the green for the fourth straight session on Tuesday, propelled by index heavyweights HDFC twins and Reliance, amid robust gains in global equities.
Mumbai, Aug 11 (PTI) The BSE Sensex closed in the green for the fourth straight session on Tuesday, propelled by index heavyweights HDFC twins and Reliance, amid robust gains in global equities.
A strengthening rupee, encouraging quarterly results and persistent foreign fund inflows further bolstered market sentiment, traders said.
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After touching a high of 38,556.27, the 30-share BSE Sensex pared some gains to end 224.93 points or 0.59 per cent higher at 38,407.01.
The NSE Nifty jumped 52.35 points or 0.46 per cent to finish at 11,322.50. The Nifty has extended its winning run to six sessions.
Axis Bank was the top gainer in the Sensex pack, rallying 3.96 per cent, followed by IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC, ICICI Bank and Reliance Industries.
HDFC twins and RIL accounted for over half of the Sensex's gains.
On the other hand, Titan, Bharti Airtel, HCL Tech and ONGC were among the laggards, dropping up to 3.73 per cent.
Global markets surged to over five-month highs as investors looked forward to an agreement on a US stimulus package.
Market participants also cautiously weighed the news of Russia becoming the first country to officially register a coronavirus vaccine and declare it ready for use, despite international skepticism.
The number of cases around the world linked to COVID-19 has crossed 2 crore, while the infection count in India has reached 22.68 lakh.
"Indian markets continued their positive run, in spite of intraday volatility and unabated virus infections across the country. It was in sync with positive global cues, on the back of expected stimulus measures from the US, improving economic data points from China and the first coronavirus vaccine getting registered in Russia.
"Indian markets continued their run on the basis of earnings results and stock specific news, amidst hopes of another round of stimulus measures by the government. This expectation should ensure liquidity in the markets in the near term," said Vinod Nair, Head of Research at Geojit Financial Services.
BSE metal, bankex, finance, oil and gas, energy and FMCG indices gained up to 1.50 per cent, while telecom, healthcare, consumer durables and realty indices closed lower.
Broader BSE mid-cap and small-cap indices fell up to 0.23 per cent.
Bourses in Hong Kong, Tokyo and Seoul ended with gains, while Shanghai closed in the red.
Stock exchanges in Europe were trading significantly higher in early deals.
Global oil benchmark Brent crude was trading 0.73 per cent higher at USD 45.32 per barrel.
In the forex market, the rupee appreciated 12 paise to close at 74.78 against the US dollar.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)