Sensex, Nifty end at 7-week high, gain over 3% each; these factors pushed markets higher

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April 30, 2020 4:18 PM

Out of 50 stocks on Nifty 50 index, 44 finished trade in green while 6 ended in red. Tata Motors led the gainers, up 20 per cent, followed by UPL, ONGC, Vedanta

Sensex, NiftyAhead of March quarter earnings, Reliance Industries remained among the top index contributors in today’s trade

As the bulls took over the grip for the straight fourth day, headline indices settled with over 3 per cent gains on Thursday, the last day of the futures & options (F&O) contracts of the April series, led by robust buying in autos, metals and technology stocks. The rally was supported by positive trials of experimental drug for coronavirus treatment. BSE Sensex surged 1,000 points or 3.05 per cent to end the session at 33,717, while the broader Nifty 50 index advanced 306 points or 3.21 per cent to 9,860. The gainers pack on the BSE Sensex was led by ONGC, HCL Tech, Hero MotoCorp and TCS. While Sun Pharma, HUL and IndusInd Bank were among the laggards on the index. “Financials and IT contributed most to the gains in the benchmark indices along with Reliance, ahead of its results,” Vinod Nair, Head of Research at Geojit Financial Services, said.

RIL among top index contributors: Ahead of March quarter earnings, Reliance Industries remained among the top index contributors in today’s trade. “Being F&O expiry day today, short-covering and roll-overs in the market also contributed to the gains,” Nair added.

Top Nifty 50 gainers: Out of 50 stocks on Nifty 50 index, 44 finished trade in green while 6 ended in red. Tata Motors led the gainers, up 20 per cent, followed by UPL, ONGC, Vedanta and Hindalco Industries. While Sun Pharma, Hindustan Unilever (HUL), Cipla, IndusInd Bank and ITC were among the losers

Nifty Metal Top sectoral gainers: Except Nifty Media and Nifty Pharma, all the sectoral indices ended the session in green. Nifty Metal and Nifty Auto indices were the top sectoral gainers, up 7.90 per cent and 6.45 per cent, respectively. “Market Breadth was again in favor of the bulls. For every loser, there were a couple of gainers. Today, the market witnessed participation from Metal, Auto, IT, Banks, Energy, Infrastructure, and NBFC. Whereas, FMCG, Media and Pharma closed in red,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, said.

Market outlook for next week: Equity markets will remain closed tomorrow on account of Maharashtra Day. “Next week’s outlook will be driven by the way forward for resumption of business after lockdown, an announcement of any stimulus package and stock-specific earnings results,” Vinod Nair said. 

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