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MARKET WRAP: Financials lift indices, Sensex gains 409 pts; TCS ends flat

All that happened in the markets today

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Markets | Coronavirus | Tata Consultancy Services

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

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On the sectoral front, the Nifty Metal index rallied the most - up over 2 per cent.
After a one-day blip, the domestic stock market once again ended in the positive territory on Thursday, led by buying in the financial counters.  Further,  investor sentiment also got a boost after Prime Minister Narendra Modi, at the India Global Week Summit, said India was seeing green shoots of economic recovery. "Story of global revival will have India playing a leading role," he said at the event. READ MORE

The S&P BSE Sensex today gained 409 points or over 1 per cent to settle at 36,738 with SBI (up 4 per cent) being the top gainer and ONGC (down over 1 per cent) the biggest loser. HDFC, RIL, HDFC Bank, and Bajaj Finance contributed the most to the Sensex's gains. NSE's Nifty ended at 10,813, up 108 points or 1 per cent. India VIX, the volatility index, declined over 5 per cent to 24.75 levels. 

IT major TCS settled 0.3 per cent lower on the NSE at Rs 2,213 ahead of its June quarter results due later in the day. 

On the sectoral front, the Nifty Metal index rallied the most - up 2 per cent, followed by Nifty Financial Services and Nifty Bank indices.  Nifty FMCG, on the other hand, was the only index that ended in the red - down 0.33 per cent to 30,672 levels. 

The broader indices underperformed the benchmarks. The S&P BSE MidCap ended flat at 13,493, up 0.07 per cent while the S&P BSE SmallCap index gained 0.49 per cent to settle at 12,848 points.

Global markets

Surging Chinese stocks led Asia’s equity higher on Thursday, as investors looked past Sino-US tension and renewed lockdowns and hoped stimulus washing through the world economy finds its way to company earnings.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent and touched a 20-week high. The Shanghai Composite turned in its longest winning streak in more than two years and is up 16 per cent in eight sessions.

In Europe, too, stocks rose as software giant SAP signalled a rebound in its business from a hit, while optimism over China’s recovery helped Germany outperform.

In commodities, oil prices edged lower as concerns about renewed Covid-19 lockdowns in the United States outweighed signs of a recovery in US gasoline demand.

Brent crude futures fell 21 cents, or 0.4 per cent, to $43.08 at the time of writing of this report, after gaining 0.5 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures dipped 25 cents, or 0.6 per cent, to $40.65 a barrel, after rising 0.7 per cent on Wednesday.

(With inputs from Reuters)

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