Sensex, Nifty regain momentum to end 1% up; check what pushed markets higher today

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Published: July 9, 2020 4:18 PM

In spite of rising concerns regarding the spread of the virus infections, markets continued to focus on the path to recovery in the economy

Sensex, NiftyWith today’s gains in the stock market, Sensex has rallied 43.28 per cent from March low of 25,639.

After a one day-blip in the domestic stock market, BSE Sensex and Nifty 50 ended in the positive territory on Thursday led by buying in bank and financial stocks. The 30-share index Sensex hit a day’s low of 36,422, but following the comments by Prime Minister Narendra Modi that India was already seeing green shoots of economic recovery, it surged to end at 36,738. Similarly, Nifty 50 index reclaimed its psychological 10,800-mark and jumped 108 points to end the session at 10,813. “In spite of rising concerns regarding the spread of the virus infections, markets continued to focus on the path to recovery in the economy. With liquidity giving adequate support, investors are looking towards the start of the earnings season,” said Vinod Nair, Head of Research at Geojit Financial Services.

Sensex rallies 43% from March lows: With today’s gains in the stock market, BSE Sensex has rallied 43.28 per cent from March low of 25,639. Similarly, broader Nifty 50 has jumped 44 per cent since March this year, surging to 10,813 from 7,511.

Bajaj Finance, SBI top Sensex gainers: Bajaj Finance was the top Sensex gainer with a growth of 3.93 per cent while State Bank of India (SBI) gained 3.72 per cent in today’s trade. Tata Steel, HDFC, Bajaj Finserv, HCL Tech and M&M. On the other hand, ONGC, Tech Mahindra, TCS, Hindustan Unilever, Maruti Suzuki and Nestle India were among top Sensex losers.

Nifty Metal rallies the most: Out of 11 sectoral indices, Nifty Metal index jumped nearly 2 per cent, followed by Nifty Financial Services and Nifty Bank. On the contrary, Nifty FMCG was the only index that declined.

Broader market: The broader market indices underperformed the frontliners today. S&P BSE MidCap index ended flat at 13,493, up just 0.07 per cent while S&P BSE SmallCap rose half a per cent to settle at 12,848.

Technical outlook: “Technically, with the Nifty bouncing back strongly, the bulls are not willing to give up easily. Further upsides are likely if the immediate resistance of 10897 is crossed. Weakness could emerge if the supports of 10733 are broken,” said Deepak Jasani, Head Retail Research, HDFC Securities.

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