RIL, HDFC Bank, SBI aid upmove in Sensex; key things behind markets gain today

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June 10, 2020 4:20 PM

Sensex ended the session at 34,247, after rising up to 34,350 in intraday, while the Nifty advanced nearly 100 points from day's low to finish at 10,116.

sensex, NiftyFed is expected to maintain status quo, markets will be looking out for any hints, which could impact the markets

Buoyed by the sudden surge during the last hour of the trade, BSE Sensex and Nifty 50 ended in the positive territory on Wednesday. Reliance Industries was the top contributor to the Sensex 290 points up move, followed by HDFC, Kotak Mahindra Bank, TCS and ICICI Bank. Even after much ups and downs, headline indices managed to trade in green throughout the session. Sensex ended the session at 34,247, after rising up to 34,350 in intraday, while the broader Nifty 50 index advanced nearly 100 points from day’s low to finish at 10,116. “Bulls firmly in control today and heartening to see some of the stressed private sector banks, as well as public sector banks, rally ferociously which apparently means things are in fact not as bad as it is made out to be. Improved Market Breadth in itself presents several opportunities for savvy investors,” said S Ranganathan, Head of Research at LKP Securities.

IndusInd Bank rallies 8%: IndusInd Bank share price jumped nearly 8 per cent to settle at Rs 500.70 apiece and was the top Sensex gainer. Kotak Mahindra Bank, Reliance Industries (RIL), HDFC, Axis Bank, State Bank of India (SBI) and TCS, were among the other gainers on the index. On the flip side, Hero MotoCorp fell nearly 4 per cent, followed by Bajaj-Auto, Tata Steel, ONGC, Titan, M&M and Bharti Airtel.

Nifty PSU Bank index jumps 3.5%: Most of the sectoral indices closed the session with upticks. Nifty PSU Bank index jumped 3.5 per cent led by gains in Punjab National Bank, UCO Bank, Indian Bank and Indian Overseas Bank. While Nifty Auto index slipped over a per cent dragged by Motherson Sumi Systems, Bosch, Hero MotoCorp and Bajaj-Auto.

Fed Policy meet eyed: US Federal Reserve policy meeting is due in the later day today. Investors await US Fed policy statement on the state of the economy and clues on future measures. “Although the Fed is expected to maintain status quo, markets will be looking out for any hints, which could impact the markets, the direction depending on whether it is hawkish or dovish in tone,” said Vinod Nair, Head of Research at Geojit Financial Services.

Top Nifty 50 gainers: Of 50 constituents on Nifty 50, 28 stocks advanced while 22 declined. The top index gainers were IndusInd Bank, Hindalco Industries, Axis Bank, Shree Cement and Kotak Mahindra Bank. On the other hand, Hero MotoCorp, GAIL, Coal India, Bajaj-Auto and Titan Company were among top five laggards on the Nifty 50 index.

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