Financials, bank stocks lead Nifty Bank gaining 3%; check what’s contributing to Sensex’s up move today

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May 28, 2020 10:14 AM

Among the top Sensex gainers were IndusInd Bank, Axis Bank, HDFC Bank. Larsen & Toubro (LT) and Kotak Mahindra Bank

Private bank stocks were the leading the rally today with index heavyweights such HDFC Bank, ICICI Bank, Kotak Mahindra and Axis Bank among the top index contributors

Extending gains from the previous session, BSE Sensex and Nifty 50 were trading nearly one per cent higher on Thursday mirroring the gains in Asian markets ahead of the expiry of futures and options contracts of May series. Sensex touched day’s high of 31,986, while the broader Nifty 50 index surpassed the 9,400-mark. Private bank stocks were the leading the rally today with index heavyweights such HDFC Bank, ICICI Bank, Kotak Mahindra and Axis Bank among the top index contributors. Among the top gainers were IndusInd Bank, Axis Bank, HDFC Bank. Larsen & Toubro (LT) and Kotak Mahindra Bank. The losers were led Infosys, ITC, TCS, HCL Tech and Tech Mahindra. The broader market, mid-caps and small-caps, were also trading higher, as their sectoral indices on BSE gained 0.94 per cent and 1.20 per cent, respectively.

“The markets opened above the crucial 9350 level and we need to hope it stays above those levels for a couple of trading sessions. If we are successful in doing that, the Nifty50 should attempt 9700 levels in the June series itself. The support range of the market has now been upgraded to 9000 – 9050 levels,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Nifty Bank index top sectoral gainer: Nifty Bank index surged nearly 3 per cent in trade led by gains in IndusInd Bank, Axis Bank, Bandhan Bank and RBL Bank. On the contrary, Nifty IT index was down over one per cent weighed down by Wipro, Infosys, HCL Tech and TCS.

Corporate earnings: Federal Bank, CEAT, Heidelbergcement India, Lupin, TVS Motors, IIFL Finance, Muthoot Capital Services, Radico Khaitan, Rain Industries, Tata Steel Long Products and Wendt (India) are among 24 companies are scheduled to announce their March quarter earnings.

Uflex shares jump 17%: Uflex share price surged 16.76 per cent to Rs 202.65 apiece on BSE in Thursday’s after the company in a press release said that it has developed a Personal Protective Equipment (PPE) Coverall ‘Flex Protect’ in joint collaboration with lIT-Delhi and INMAS, DRDO, Delhi.

Global markets: In overnight trade on Wall Street, US stock market indices rose as the further easing of lockdowns lifted optimism for an economic recovery. The Dow Jones rose 2.2 per cent, the S&P 500 gained 1.48 per cent, and the Nasdaq Composite added 0.77 per cent.

FII and DII data: Foreign institutional investors (FIIs) sold shares worth Rs 334.74 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,408.85 crore on a net basis on Wednesday, according to the provisional data available on the NSE.

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