Sensex, Nifty gain over 3% as markets cheer unlock plan; key things behind Sensex’s 1,000 pts upmove

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Published: June 1, 2020 11:34 AM

Except for Pharma, all the sectoral indices were trading with upticks. Nifty Bank index advanced nearly 4 per cent led by gains in Punjab National Bank, IDFC First Bank and RBL Bank

Sensex, NiftyMarkets cheered the decision of reopening of the economy and extension of the lockdown in containment zones till June 30.

Extending rally from the previous sessions, BSE Sensex and Nifty 50 were trading higher on Monday, gaining over 3 per cent each. Index heavyweights such as Reliance Industries, HDFC Bank, HDFC, ICICI Bank and TCS were the to contributors to today’s Sensex upmove. Markets cheered the decision of reopening of the economy and extension of the lockdown in containment zones till June 30. The 30-share Sensex jumped 1,000 points to 33,430, reclaiming its crucial 33,000-mark. While Nifty 50 index surpassed 9,850-mark in today’s trade. Tata Steel led the pack of Sensex gainers with 6.8 per cent growth in share price, followed by Bajaj Finance, Titan, Axis Bank and Mahindra and Mahindra (M&M). On the contrary, just three stocks, Sun Pharma, Nestle India and Asian Paints were the top losers on the Sensex. “The Nifty played its role handsomely! It opened with a jubilant gap up above 9700 and achieved 9800 in no time! We should now be trading for 9950-10,000 levels. The new support range for this market would be 9450-9500,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Banks, metal stocks gain: Except for Pharma, all the sectoral indices were trading with upticks. Nifty Bank index advanced nearly 4 per cent led by gains in Punjab National Bank, IDFC First Bank and RBL Bank. Similarly, Nifty Metal index was up 3.87 per cent with JSW Steel, Tata Steel and NMDC as top index gainers.

Corporate earnings: NK Industries, Orient Electric, Magna Electro, Srikalahasthi Pipes, Birla Cable, Capital India Finance, Welspun Enterprises, V-Guard Industries, Vindhya Telelinks and Yash Management & Satellite are among 14 companies that are scheduled to announce their March quarter earnings today.

Manufacturing PMI at 30.8 in May: The manufacturing PMI marginally increased from 27.4 in April to 30.8 in May despite the partial lifting of lockdown restrictions. A figure of above 50 indicates expansion, while the number below 50 suggests contraction.

Maruti Suzuki sells over 18,500 vehicles: Maruti Suzuki share price jumped up to 4 per cent to Rs 5,830.95 apiece on BSE in Monday’s trade as the company reported sales of 18,539 units in May after it reported zero sales of vehicles in April due to coronavirus-led nationwide lockdown.

IDBI Bank jumps 20%: IDBI Bank share price zoomed 20 per cent to Rs 24.35 apiece on BSE in Monday’s trade as the bank reported a profit in the fourth quarter on FY20 after 13 quarters. The company reported Rs 135 crore in net profits in the March quarter.

FII and DII data: Foreign Institutional Investors (FIIs) bought shares worth net Rs 1,460.71 crore, while domestic institutional investors (DIIs) also bought Rs 967.43 crore worth of shares on net basis on Friday, according to the provisional data on the NSE.

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