Sensex Jumps 499 Pts As Macro Data Bolsters Recovery Hopes; RIL, Finance Stocks Shine
Thursday, March 28, 2024
image
Business

Sensex jumps 499 pts as macro data bolsters recovery hopes; RIL, finance stocks shine

6089
By Eastern Mirror Updated: Jul 01, 2020 7:24 pm
2020 7img01 Jul 2020 PTI7 1 2020 00101009
NEW DELHI: BSE SENSEX-NSE NIFTY: PTI GRAPHICS(PTI7_1_2020_00101009)

Mumbai, July 1 (PTI): Equity indices clawed back lost ground on Wednesday after two sessions of losses as investors accumulated banking, finance and energy stocks amid encouraging macroeconomic data and firm global cues.

After hitting a high of 35,467.23, the 30-share BSE Sensex settled 498.65 points, or 1.43 per cent, higher at 35,414.45.

Similarly, the broader NSE Nifty surged 127.95 points, or 1.24 per cent, to close at 10,430.05.

Axis Bank was the top gainer in the Sensex pack, soaring 6.58 per cent, followed by Bajaj Finserv, HDFC, Bajaj Finance, ITC, IndusInd Bank, SBI, ICICI Bank and Reliance Industries.

On the other hand, NTPC, Nestle India, M&M, L&T and ONGC were among the laggards, skidding up to 2.40 per cent.

On the macroeconomic front, GST revenue collections in June swelled to INR 90,917 crore, from INR 62,009 crore in May and INR 32,294 crore in April, official data showed.

The country’s manufacturing sector activity also moved towards stabilisation in June, according to PMI data.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 47.2 in June, up from 30.8 in May.

The figures show green shoots in the economy, though the Covid-19 crisis remains a major overhang on global as well as domestic growth, traders said.

“A revival in GST collections during June and a smart comeback by the banking sector buoyed sentiments as the market rose over in trade today.

“The broader market too exhibited strength as savvy investors were seen lapping up select counters (which) seem to be less impacted from the pandemic,” said S Ranganathan, Head of Research at LKP Securities.

BSE finance, bankex, energy, oil and gas, FMCG and basic materials indices ended up to 2.74 per cent higher, while capital goods, power, healthcare and realty finished with losses.

Broader BSE mid-cap and small-cap indices rose up to 0.39 per cent.

Global markets were largely positive on the back of supportive PMI data.

Bourses in Shanghai and Hong Kong ended with gains, while Tokyo and Seoul closed in the red. Stock exchanges in Europe were trading on a firm note in early deals.

International oil benchmark Brent crude futures rose 2.67 per cent to USD 42.37 per barrel.

On the currency front, the rupee settled 9 paise lower at 75.60 against the US dollar.

6089
By Eastern Mirror Updated: Jul 01, 2020 7:24:24 pm
Website Design and Website Development by TIS