HDFC twins, Infosys, TCS, Kotak Mahindra Bank and HCL Tech were among the top contributors to the index today. On the flip side, Bharti Airtel was the top Sensex loser.
The headline indices BSE Sensex and Nifty 50 rose in the opening trade on Monday lifted by buying in index heavyweights HDFC Bank, HDFC, Infosys, Kotak Mahindra Bank and TCS. From today, select factories and construction work are set to resume in a phased manner which also boosted investor sentiment. The 30-share Sensex advanced 94 points or 0.30 per cent to 31, 684, while the broader Nifty 50 index was ruling near 9,300-mark, up 22 points or 0.23 per cent. Broader market indices were outperforming the equity benchmarks. S&P BSE MidCap index rose 0.85 per cent or 100 points to 11,925, while S&P BSE Smallcap gained 1.12 per cent or 121 points to trade at 10,922. “We expect Nifty 50 to witness correction from a higher range of 9500 levels as they are being overbought on daily charts and face resistance on various time frames. Lower crude prices augur well for the market and oil marketing companies will be the largest beneficiaries,” Vikas Jain, Senior Research Analyst at Reliance Securities, said.
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HDFC twins lead the rally: HDFC twins, Infosys, TCS, Kotak Mahindra Bank and HCL Tech were among the top contributors to the index today. On the flip side, Bharti Airtel was the top Sensex loser, down 2.44 per cent, followed by Axis Bank, ITC, IndusInd Bank and Power Grid.
Nifty Realty, Nifty IT top sectoral gainers: Most of the sectoral indices were trading in positive territory. Nifty Realty and Nifty IT indices were up 1.97 per cent and 1.73 per cent, respectively. While Nifty FMCG index fell nearly one per cent dragged by ITC, Hindustan Unilever (HUL), Nestle India and Jubilant Foodworks.
Government allows resumption of work in phased manner: The government has allowed to select factories and construction work to resume work from today, April 20, 2020, to revive the economy. Opening up goods transport across country for all goods, (b) waiver to the entire agricultural segment and its supply-chain; (c) allowing industries in rural areas and in SEZs & designated industrial areas to function; (d) starting construction works where labour is at site; and (e) allowing e-commerce full goods transport mobility, are among some proposed relaxations to the lockdown from April 20, according to Jefferies.
Global markets: Asian shares on Monday started on a cautious note on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2% in slow early trade. Japan’s Nikkei fell 1.3% and South Korea 0.1%. US stocks surged on Friday as President Donald Trump planned to reopen the coronavirus-battered economy. The Dow Jones Industrial Average rose 704.81 points, or 2.99%, to 24,242.49, the S&P 500 gained 75.01 points, or 2.68%, to 2,874.56 and the Nasdaq Composite added 117.78 points, or 1.38%, to 8,650.14.
FIIs sell Rs 1,392 crore worth of stocks: Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,392 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 534 crore on Friday, data available with NSE suggested.