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MARKET WRAP: Sensex gains 173 pts as auto, IT, and metal stocks advance

All that happened in the markets today

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MARKET LIVE | Markets | Bharti Airtel

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Traders monitor BSE index at a brokerage firm, as the Sensex goes down, in Mumbai | PTI
NSE's Nifty added 69 points or 0.61 per cent to end at 11,247. (Photo: PTI)
After trading in a range for the most part of the session, the domestic stock market witnessed a sharp upside in the last hour of the trade. At the close, the S&P BSE Sensex stood at 38,050.78 levels, up 173 points or 0.46 per cent while NSE's Nifty added 69 points or 0.61 per cent to end at 11,247. Volatility index, India VIX, declined 1.68 per cent to 21.31 levels. 

NTPC, Maruti, Larsen & Toubro (L&T), and HUL were among the major contributors to the Sensex's gain while Reliance Industries (RIL), and were the top drags. Of 30 constituents, 24 advanced while the rest 6 declined. 

Among individual stocks, Sun TV ended around 6.5 per cent higher at Rs 425.85 on the BSE after the company shared a healthy subscription outlook going forward and said that revenues were already close to 75 per cent of the pre-Covid levels. READ MORE
 
NTPC ended nearly 8 per cent higher at Rs 95.40 after the company's profit before exceptional item and tax rose 16.10 per cent to Rs 4,280 crore. READ MORE

Shares of Glenmark Pharmaceuticals rose as high as 7 per cent to Rs 508.50 on the BSE after the company posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June 2020 (Q1FY21). The stock, however, pared its gains later and ended over 1 per cent up at Rs 480.90. READ MORE

In the broader market, the S&P BSE MidCap index settled 0.41 per cent higher at 14,492 while the S&P BSE SmallCap index climbed 0.84 per cent to 13,972 points.

Among sectoral indices on the NSE, Nifty Metal gained the most - up 2.5 per cent to 2,466 levels, followed by Nifty Auto (up 2.43 per cent).

Global markets

Shares crept back toward recent peaks on Monday as Chinese swung higher, while investors waited to see if the recent sell-off in longer-dated US Treasuries would be extended and perhaps take some pressure off the dollar.

Chinese blue chips led the way with gains of 2.35 per cent, as the country's central bank provided more medium term loans to the financial system.

Beijing had also granted a patent for CanSino Biologics Covid-19 vaccine candidate Ad5-nCOV. But Tokyo's Nikkei fell 0.6 per cent as Japan became the latest country to confirm its biggest economic contraction on record.

In commodities, oil prices steadied as that China planned to ship large volumes of US crude in August and September countered rising tensions between the two countries and a delay in the review of their trade pact over the weekend.

(With inputs from Reuters)

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