Axis Bank, ICICI Bank drive Sensex above 38,000, Nifty reclaims 11,200; here’s what pushing markets

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August 5, 2020 10:58 AM

Indices were trading higher ahead of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting outcome

Sensex, Nifty, bse, nseTrend among sectoral indices was positive. Barring Nifty FMCG index, all the indices were in the green.

Extending gains from the previous session, BSE Sensex and Nifty 50 rose over 1 per cent in Wednesday’s session led by buying in metal and bank counters. The 30-share Sensex surged over 400 points to reclaim its crucial 38,000-mark and was trading at 38,139. The broader Nifty 50 index jumped over 100 points to trade above the psychological level of 11,200. Index heavyweights such as TCS, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank were among top index contributors. “The Nifty has gone past its resistance of 11200 on opening. We need to see if we can sustain this level on a closing basis. If we can do that, the short term weakness would be nullified and the markets would then be headed to 11400. On the flip side if the markets break 11000 we would be back in a zone of short term weakness,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Axis Bank jumps over 3%: Axis Bank shares were trading over 3 per cent higher in the morning deals. The private lender was followed by Tata Steel, Maruti Suzuki, Bajaj Finserv and Bajaj Finance. On the contrary, Power Grid Corporation of India, Nestle India, HUL and ITC were the only losers on the pack.

Nifty Metal index top sectoral gainer: Trends among sectoral indices was positive. Barring Nifty FMCG index, all the indices were in the green. Nifty Metal was up 2.29 per cent led by gains in National Aluminium Company, Hindustan Zinc and Hindalco Industries.

RBI policy outcome on Aug 6: Indices were trading higher ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting outcome. The 3-day MPC meet, which began on August 4, is underway and Shaktikanta Das-led panel will be announcing the decision on Thursday.

Corporate earning: DLF, Canara Bank, Adani Gas, Apollo Tyres, Birlasoft, Cadila Healthcare, Dwarikesh Sugar Industries, EID Parry (India), Godrej Properties, Inox Leisure, JK Lakshmi Cement, Jaiprakash Associates, Jyothy Labs, Shakti Pumps, Strides Pharma Science, Triveni Turbine, VIP Industries, etc., are among companies that are scheduled to announce their quarterly earnings today.

FII and DII data: On Tuesday, the foreign institutional investors (FIIs) bought shares worth Rs 703.74 crore while domestic institutional investors (DIIs) sold shares worth Rs 665.69 crore on a net basis, according to the per provisional data available on the NSE.

Global markets: Asian peers were seen trading mixed in Wednesday’s session. US stock indices ended higher in a choppy session even as investors awaited more US government stimulus to fight economic fallout from the COVID-19 pandemic. The Dow Jones Industrial Average rose 0.62%, while the S&P 500 gained 0.36%. The Nasdaq Composite climbed 0.35%.

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