Sensex and Nifty snap four day losing streak; Reliance Industries, HDFC Bank help lift indices

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August 4, 2020 4:17 PM

Sensex and Nifty have snapped their four-day losing streak with a 2% jump on Tuesday. S&P BSE Sensex jumped 748 points or 2% while the 50-stock Nifty managed to breach the 11,100 mark.

stock market latest update on 28 july 2020Shares advanced across Asia on Tuesday after Wall Street closed broadly higher on encouraging economic reports across the globe.

Sensex and Nifty have snapped their four-day losing streak with a 2% jump on Tuesday. S&P BSE Sensex jumped 748 points or 2% while the 50-stock Nifty managed to breach the 11,100 mark. Index heavyweight Reliance Industries Ltd managed to zoom 7.1% on Tuesday helping the benchmark indices to regain almost all that they lost in the past two trading sessions. Financials too aided the surge with HDFC Bank and HDFC gaining along with ICICI Bank and Axis Bank. Mid-cap and small-cap indices on NSE added to their gains on Tuesday while volatility was seen tanking 6%.

Index heavyweights gain: Index heavyweights Reliance Industries and HDFC Bank were the top gainers on Sensex. Reliance jumped 7.1% regaining almost all that it lost in the past few trading sessions. News of RBI’s approval for HDFC Bank’s new CEO sent the private sector lender surging higher. “Reliance led the day’s show for the Bulls and we saw support in late afternoon trade from key pivotals like HDFC Bank & Maruti as MCAP to GDP rose to around 78%,” said S Ranganathan, Head of Research at LKP Securities

Top losers: IT stocks like Tech Mahindra, HCL Technologies, and Infosys slipped today after US President Donald Trump made it harder for H1B visa holders to get federal contract jobs. InduInd Bank and Ultra Cement were the other lagards on Sensex.

Global peers: Stock markets across Asia gained on Tuesday. Shanghai Composite ended with marginals gains but Hang Seng surged 2%. Equity markets in Indonesia, Japan, South Korea, and Singapore ended in the green. “Shares advanced across Asia on Tuesday after Wall Street closed broadly higher on encouraging economic reports across the globe even as Investors appear to be shrugging off surging coronavirus caseloads in dozens of countries,” said Deepak Jasani, Head Retail Research, HDFC Securities

Financials surge: Financials were back to lead the pack on Tuesday as all banking and finance stock except SBI and IndusInd Bank ended with gains. HDFC Bank was the top gainer, Axis Bank, HDFC, and ICICI Bank followed close. Nifty Financial Services was the second best Nifty sectoral index performer on Tuesday.

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