Sensex, Nifty now up 45% from March lows, gain 1.5% each today; check what pushed markets higher

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July 17, 2020 4:26 PM

Indian stocks are seeing earnings specific moves while the ever-present possibility of another lockdown has done little to affect the sentiment

sensex, niftyBarring Nifty IT, all the sectoral indices settled in the positive territory with Nifty PSU Bank index gaining the most

Led by a sharp rally in the fag-end of the session, BSE Sensex and Nifty 50 settled 1.5 per cent higher on Friday. Index heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, Hindustan Unilever and HDFC were the major contributors to the indices’ up move. The 30-share Sensex soared 548 points or 1.50 points to end at 37,020, while the broader Nifty 50 index settled just above 10,900, gaining 162 points or 1.51 per cent. “The markets globally are banking on continued liquidity to ensure that the recent momentum seen in the markets does not stall. Indian stocks are seeing earnings specific moves while the ever-present possibility of another lockdown has done little to affect the sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sensex, Nifty surge 45% from Mach lows: While today’s surge, Sensex is over 44 per cent up from March lows while Nifty is 45.13 per cent. On a weekly basis, Sensex advanced 1.16 per cent while Nifty gained 1.24 per cent.

Top BSE Sensex gainers: ONGC was the top Sensex gainer with a growth of 5.5 per cent followed by Titan Company, Reliance Industries, HDFC Bank, Bajaj Finance and Tata Steel. On the contrary, TCS declined the most, down 1.45 per cent. Nestel India, Infosys, HCL Tech and Axis Bank were the top Sensex laggards.

Nifty PSU Bank index top sectoral gainer: Barring Nifty IT, all the sectoral indices settled in the positive territory with Nifty PSU Bank index gaining the most, up 1.83 per cent. Nifty Financial Services too settled 1.73 per cent higher in Friday’s trade.

Domestic growth outlook remains weak: “On macro-economic front, the data released this week confirms that the domestic growth outlook remains weak even as external demand has begun to recover swiftly. The concerns over domestic economic recovery continue to prevail with many states/cities reinstating lockdowns amid a rising number of fresh cases,” said Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance Co. Ltd.

Broader market: Broader markets performed in line with equity benchmarks. S&P BSE MidCap index gained 207 points or 1.55 per cent to end at 13,531, while BSE SmallCap index advanced 140 points or 1.11 per cent to settle at 12,783.

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