Share market highlights: Given a strong rally of 304 points, the Sensex closed just 200 points away from hitting all-time high levels. Notably, The 30-share Sensex continued its strong momentum for the second straight day. Sensex closed 305 points higher at 36,239, aided by a strong rally in the shares of Reliance Industries, Tata Steel, Wipro, Yes Bank zooming by more than 2.5% each. The 50-share index Nifty closed at 10,947, up by nearly 100 points on Tuesday. The major gainers in the index included the shares of GAIL, Hindalco, Coal India and Yes Bank, which surged by more than 3% each.
“Market rallied to a five month high as fading trade war woes and shift in attention to corporate earnings supported investor’s sentiment. Any revival in earnings growth will give scope for re-rating in valuation for many mid cap stocks which were the real victim of the recent correction. However, rupee depreciated and bond yield rose in expectation of increase in June CPI inflation,” Vinod Nair, Head of Research, Geojit Financial Services said.
The domestic stock markets continued the strong momentum gained yesterday, tracking positive global cues and ahead of Tata Consultancy Services (TCS) Q1 earnings later in the day. Notably, IndusInd Bank reported Q1 resutls in line with expectations, kicking off the new earnings season. Here are all the highlights of the day.