Sensex, Nifty gain 1% on firm global cues, HDFC twins advance; check what’s keeping D-St higher

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Published: April 29, 2020 11:24 AM

The Nifty Metal index was the top sectoral gainer, up 3 per cent, led by Jindal Steel, Tata Steel and JSW Steel. Similarly, Nifty PSU Bank and Nifty Auto indices were up over 2 per cent each

Sensex, NiftyHindustan Unilever (HUL), Titan, Asian Paint, Kotak Mahindra Bank were among other losers on the pack

Extending the gains from the previous session, headline indices BSE Sensex and Nifty 50 were trading 1 per cent higher on Wednesday, lifted by buying in index heavyweights such as HDFC, HDFC Bank, Infosys, Reliance Industries (RIL) and Bajaj Finance. The 30-share index Sensex advanced 331 points or 1.03 per cent to trade at 32,442, while the broader Nifty 50 index was ruling at 9,475, up 95 points or 1.01 per cent. Out of 30 Sensex stocks, just six were trading in red today with Axis Bank as the top laggard, down 4.29 per cent to Rs 436 apiece. Hindustan Unilever (HUL), Titan, Asian Paint, Kotak Mahindra Bank were among other losers on the pack. HDFC was leading the pack of gainers on the Sensex, followed by Tata Steel, Bajaj Finance, M&M and Hero MotoCorp among others.

All Nifty sectoral indices in green: Nifty Metal index was the top sectoral gainer, up 3 per cent, led by Jindal Steel, Tata Steel and JSW Steel. Similarly, Nifty PSU Bank and Nifty Auto indices were up over 2 per cent each. “We expect that earnings announcements, particularly from Nifty pack (HUL, Tech Mahindra) and F&O expiry, will continue to lead stock-specific swings this week,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.

Axis Bank top Sensex loser: Axis Bank was the top laggard on the BSE Sensex, along with the IndusInd Bank. Axis Bank share price slipped up to 6 per cent after posting a weak set of fourth-quarter earnings. The private lender also announced a joint venture Max Financial Services (MFS) on Tuesday.

Global markets: Asian shares were cautiously higher on Wednesday as investors paused ahead of the US Federal Reserve’s policy decision. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%. Australia climbed 0.2% and South Korea rose 0.3%. New Zealand shares slipped 0.6%. In overnight trade on Wall Street, investors dumped tech giants and drove all three major US stock indices into the red. The Dow Jones Industrial Average fell 0.3%, the S&P 500 lost 0.5% and the Nasdaq Composite dropped 1.4%.

Coronavirus cases in India surpass 31,000: The total number of coronavirus cases in India has crossed the 31,000-mark. According to the Union Ministry of Health and Family Welfare, there are total 31,332 COVID-19 cases in India, including 7695 cured/discharged patients. Lockdown 2.0 is set to end on May 3, 2020.

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