Recovery in crude oil prices, positive global cues help Sensex, Nifty to regain momentum

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April 23, 2020 10:18 AM

With a surge in the trade today, investors got richer by Rs 1.58 lakh crore, in terms of market capitalization. Nifty Realty index jumped 2.42 per cent led by gains in Godrej Properties, Oberoi Realty, Indiabulls Real Estate and DLF

Sensex, NiftyIndex heavyweights ICICI Bank, TCS, Kotak Mahindra Bank, RIL and HUL were among the top contributors to the index

On the back of positive global cues, BSE Sensex and Nifty 50 gained in trade after erasing the opening losses on Thursday. The 30-share index Sensex was trading 193 points or 0.62 per cent higher at 31,573, while the broader Nifty 50 index was ruling above 9,250-mark, up 73 points or 0.80 per cent. “The Nifty has managed to hold above 9150, it is very strong indications that Bulls are still in business, and the fight will continue in between 9100-9400 range. On the break of said range market will see further 5-7% move in the direction of the breakout,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, said. Index heavyweights ICICI Bank, TCS, Kotak Mahindra Bank, RIL and HUL were among the top contributors to the index.

Investor wealth gain Rs 1.58 lakh crore: With a surge in the trade today, investors got richer by Rs 1.58 lakh crore, in terms of market capitalization. The equity market capitalization of all BSE listed firms was at Rs 122 lakh crore at the end of trading on Wednesday, which jumped to Rs 124 lakh crore on Thursday’s morning.

ONGC share price up 4.5%: Out of 30 Sensex stocks, 20 scrips were trading in green today. ONGC was the top Sensex gainer with a growth of over 4.5 per cent, followed by Kotak Mahindra Bank, Tata Steel, TCS and ICICI Bank. On the flip side, Titan was the top Sensex laggard with a decline of more than 2 per cent. Mahindra and Mahindra (M&M), Power Grid, Maruti Suzuki and NTPC were other losers on the pack.

All sectoral indices in green: Nifty Realty index jumped 2.42 per cent led by gains in Godrej Properties, Oberoi Realty, Indiabulls Real Estate and DLF. Similarly, Nifty Metal index was also up, driven by Jindal Steel, Hindalco Industries and Tata Steel.

FII and DII data: Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,326 crore, while the domestic institutional investors (DIIs) were net buyers to the tune of Rs 864 crore on net basis on Wednesday, data available with NSE suggested.

Global markets: Asian stock markets traded higher following an overnight rebound in oil prices that recouped some recent losses. Nikkei rose 0.88% while the Topix index gained 0.7%. South Korea’s Kospi also edged higher by 0.55%. On the back of the rise in oil prices and as Congress looked on course to approve nearly $500 billion more aid to help small businesses ride out the coronavirus crisis, Wall Street surged on Wednesday. The Dow Jones Industrial Average was up 1.99% at 23,475.82 points, while the S&P 500 gained 2.29% to 2,799.31. The Nasdaq Composite added 2.81% to 8,495.38.

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