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Sensex Jumps Over 600 Points; Financials, IT Outshine

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Sensex Jumps Over 600 Points; Financials, IT Outshine

The domestic stock markets ended on a strong note due to value buying at lower levels amid positive global cues. The US markets had a firm closing overnight, and Asian and European markets shrugged off coronavirus concerns, and the positive sentiment led to rebound on Dalal Street after a corrective phase that lasted all of three days. The BSE Sensex ended the session at 52,837.21, higher by 638.70 points or 1.22 per cent and NSE Nifty was at 15,824.05, up 191.95 points or 1.23 per cent. The broader markets also had a good session, with the BSE Midcap index and BSE Smallcap index gaining 1.5 per cent each.

In corporate news, Hindustan Unilever – the country’s leading fast-moving consumer goods maker – reported a net profit of Rs 2,061 crore in the April-June quarter, a growth of 9.5 per cent compared to Rs 1,881 crore in the same quarter last year. The shares of Hindustan Unilever, however, ended lower by 2.3 per cent at Rs 2,379 on the BSE.

On the stock-specific front, financial stocks had a strong session of trade. Bajaj Finance, Bajaj Finserv, ICICI Bank and IndusInd Bank gained 1-3 per cent each on the BSE. Tech Mahindra, Tata Steel and L&T were the other significant gainers on the BSE.

On the other hand, Asian Paints, ITC, Nestle and Bharti Airtel have lost up to a per cent each on the BSE.

The BSE market breadth is strong. Out of 3,316 stocks traded on the BSE, there are 2,252 advancing stocks as against 926 declines.

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