Sensex Ends 558 Points Higher As Auto, IT, Metal Stocks Lead Gains
Strong buying interest in automobile and IT counters pushed the markets higher
Here are 10 things to know about the markets today:
The Sensex ended 558.22 points - or 1.47 per cent - higher at 38,492.95, and the Nifty settled at 11,300.55, up 168.75 points - or 1.52 per cent - from its previous close.
In the 50-scrip Nifty basket, 42 stocks ended the day higher. Top percentage gainers were UltraTech Cement, Kotak Mahindra Bank, TCS, Grasim and Tata Motors, closing with gains of between 4.42 per cent and 7.02 per cent. On the other hand, ICICI Bank, Bharti Infratel, Nestle and Asian paints - falling between 1.22 per cent and 1.77 per cent - were the top Nifty losers.
Tata Consultancy Services (TCS), Kotak Mahindra Bank and HDFC were the biggest boosts to the Sensex, together contributing more than 200 points to the gain in the index.
Market breadth, however, was largely neutral with a positive bias, as 1,338 stocks on the BSE closed higher, against 1,309 that moved in the opposite direction. On the NSE, 955 stocks rose whereas 872 fell.
Tech Mahindra shares closed 2.93 per cent higher at Rs 683.50 apiece on the BSE, a day after the IT major reported a 20.95 per cent rise in net profit to Rs 972.3 crore in the quarter ended June 30.
Analysts awaited more financial results from companies to assess near-term cues for the markets.
Asian shares shook off coronavirus concerns and US-China tensions to make early gains as investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation.
US Senate Republicans on Monday proposed a $1-trillion COVID-19 aid package as the pandemic has killed nearly 1,50,000 people in the world's largest economy.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 1.09 per cent higher, on the prospect of more fiscal spending and endless cheap liquidity, with Fed Chair Jerome Powell expected to sound reassuringly accommodative after a policy meeting on Wednesday. However, Japan's Nikkei 225 benchmark fell 0.26 per cent.
European shares gave up early gains, with the United Kingdom's FTSE benchmark index last seen trading 0.24 per cent lower. France's CAC and Germany's DAX indices were down 0.85 per cent and 0.57 per cent respectively at the time. The E-Mini S&P 500 futures were last seen trading down 0.40 per cent, indicating a negative start for Wall Street on Tuesday.