Sensex, Nifty rally on firm global cues; check what’s driving Dalal Street higher today

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April 30, 2020 10:25 AM

Index heavyweights such as RIL, HUL and Tech Mahindra are scheduled to announce their March quarter results later in the day

Sensex, NiftyExtending the rally from the previous session, Nifty surged past 9,800 level today. Similarly, the 30-share Sensex gained 900 points to hit day’s high of 33,640.

Bulls roared for the fourth consecutive day on Thursday supported by a host of quarterly earnings, April series F&O expiry and hopes of treatment for coronavirus globally. BSE Sensex was trading 841 points or 2.57 per cent at 33,561, while the broader Nifty 50 index jumped 240 points or 2.53 per cent to trade at 9,795. Barring, Hindustan Unilever (HUL) and Sun Pharma, all the Sensex stocks were trading in green with Hero MotoCorp as top gainer. “Yesterday, the market has witnessed gains from all major sectors. We are expecting it to continue for the day also. Major contributions are expected from the banking and NBFC sector whereas FMCG and pharma may remain sideways,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

Nifty surges past 9,800: Extending the rally from the previous session, Nifty surged past 9,800 level today. Similarly, the 30-share Sensex gained 900 points to hit day’s high of 33,640. Overall, 48 of 50 stocks were trading in the green on Nifty 50 index. Tata Motors was the top Nifty 50 gainer, followed by Hero MotoCorp, Vedanta, Hindalco Industries and Tata Steel.

Nifty Auto, Nifty Metal up over 5%: All the Nifty sectoral indices were trading in positive territory. Nifty Auto index gained 5.71 per cent led by Bharat Forge, Tata Motors and Ashok Leyland. While Nifty Metal was up 5 per cent driven by Vedanta, Tata Steel and SAIL.

RIL, HUL Tech Mahindra Q4 earnings: Index heavyweights such as RIL, HUL and Tech Mahindra are scheduled to announce their March quarter results later in the day. RIL and Tech Mahindra were trading with gains while HUL was ruling with 0.23 per cent decline.

Firm global cues: Asian stock markets were set to gain on Thursday, tracking Wall Street’s rally after positive trial results of an experimental coronavirus treatment, a US Federal Reserve pledge to shore up the economy and a jump in oil prices. Australian S&P/ASX 200 futures were up 2.02%, while Japan’s Nikkei 225 futures were down 0.2%. In overnight trade on Wall Street, US stocks surged on hopes for an effective coronavirus treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from US Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average rose 2.21%, the S&P 500 gained 2.66% and the Nasdaq Composite added 3.57%.

US Federal Reserves keeps interest rates near zero: In its policy statement on Wednesday, the Fed left its benchmark overnight lending rate in a target range of 0% to 0.25% and repeated a vow to use its “full range of tools” to shore up the economy amid what it now says are “considerable risks” over the medium term, perhaps a year or more, according to Reuters.

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