Sensex, Nifty revisited by bulls today, indices recoup from 2-day losing streak; RIL shares surge 7%

By: |
September 10, 2020 4:10 PM

Domestic benchmark indices Sensex and Nifty ended Thursday's session with gains, as they recouped all losses recorded so far this week.

Stock Market Updates in hindi 10 september 2020, BSE sensex, NSE nifty newsWith the rally in stock markets, investor wealth in terms of market capitalization of all BSE listed firms, jumped by Rs 2.24 lakh crore

Domestic benchmark indices Sensex and Nifty ended Thursday’s session with gains, as they recouped all losses recorded so far this week. The rally was aided by Reliance Industries Ltd. shares that gained over 7% to trade at fresh highs. All sectoral indices on NSE ended with gains except Nifty Metal, which was down 1.14% and Nifty Pharma ended the day flat. Additionally, news around employment figures were also positive with urban employment standing at its lowest since the lockdown began. Share markets ended near the day’s high even though cues from Asian peers looked weak.

Global Indices: Asian stocks markets were mixed with Shanghai Composite and Hang Seng slipping into the red along with Malaysian markets. However, along with Sensex and Nifty stock markets in South Korea and Japan ended with gains. “Positive global cues also played  a part in the broader positivity seen in the markets. European markets have turned cautious ahead of the ECB policy meeting happening today,” said Vinod Nair, Head of Research at Geojit Financial Services.

Investors get richer: With the rally in stock markets, investor wealth in terms of market capitalization of all BSE listed firms, jumped by Rs 2.24 lakh crore. The M-cap of all BSE listed firms was Rs 153 lakh crore at the end of Wednesday’s trading session. At the end of today’s trading session it surged to Rs 155.24 lakh crore.

Reliance Industries scales new highs: With Mukesh Ambani looking to create a retail giant with his Reliance Retail by selling stake in the company to global investors, the stock price shot up 7.1% and hit a new 52-week high value of Rs 2,343 per share. Not just this the oil-to-telecom conglomerate also became the first Indian listed company to reach a market capitalization of $200 billion.

Broader markets surge: Although the rally in benchmark indices was great, smallcap and midcap stocks were also seeing positive movement. The BSE Smallcap index ended 1.27% higher while the Midcap index was up 0.92%. Nifty Smallcap 100 outperformed the benchmark as it gained 1.60%.

IPO watch: The Route Mobile IPO has been subscribed 3.35 times so far with another day remaining. Retail investors have over subscribed their quota 4.3 times while both QIB and NIIs have also oversubscribed their portion.

Technical take: “We have kept above the 11450 levels today – we need to see if we can get past this tomorrow as this is a crucial resistance level for the markets. If we are unable to go past this tomorrow, we could revisit the 11200 levels. If we cross it, we could move higher as the bear trades would then be stopped out and the bulls would take over,” Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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