Sensex, Nifty extend opening gains; key factors moving the share markets higher today

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July 13, 2020 11:04 AM

Domestic benchmark indices Sensex and Nifty 50 opened on Monday with close to 1% gain each as they followed the lead of global peers.

With the jump in stock markets investor wealth zoomed by Rs 1.15 lakh crore on Monday morning.

Domestic benchmark indices Sensex and Nifty 50 opened on Monday with close to 1% gain each as they followed the lead of global peers. Sensex jumped 322 points or 0.90% to sit at 36,923 points while the 50-stock Nifty breached the 10,850 mark as it jumped 99 points. Both Sensex and Nifty continued to extend their gains after opening. “The Nifty managed to open above the 10850 level this morning which is a positive indication. We need to ensure we are able to close above these levels too. If the markets are successful in doing that, we should be trading for a target of 11150 as the next level for the index. The support is at 10650,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Reliance market cap soars: After having signed yet another deal for Jio Platforms, RIL shares touched a new 52-week high and the market cap of the most valuable private company in India surged to over Rs 12 lakh crore, another milestone of Mukesh Ambani ahead of the AGM scheduled for this week.

Top gainers: Tech Mahindra was up 3.7%, becoming the top Sensex gainer followed by Reliance Industries that was up 3.22%. NTPC and Infosys followed behind with a 2% gain in the share price. 

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Investor wealth jumps: With the jump in stock markets investor wealth zoomed by Rs 1.15 lakh crore on Monday morning. The market capitalization of all BSE-listed firms stood at Rs 145 lakh crore on Monday morning, the same was just shy of Rs 144 lakh crore at the end of trading on Friday. Market capitalization of BSE firms is now closer to where it was in February before the markets came crashing down.

Asian markets support: Stock markets in Asia were seen trading higher in the green on Monday with Nikkei 225 up 2% and TOPIX gaining 2.18%. South Korea’s KOSPI was also up 1.68% and so were stock markets in Thailand, Malaysia, and Indonesia. Shanghai Composite gained 1.56% and Hang Seng surged 1%.

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