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Sensex surges 511 pts on buying in RIL, banks; mid, small-caps underperform

All that happened in the markets today

Image SI Reporter New Delhi
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai (

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai

The Indian stock market ended yet another session on a positive note on Tuesday amid broad-based buying and firm global cues. The S&P BSE Sensex jumped 511 points or 1.37 per cent to settle at 37,930, with Power Grid (up over 6 per cent) being the top gainer and Bajaj Finance (down over 4 per cent) the biggest loser. Reliance Industries (RIL) was the major contributor to the index's gains, followed by HDFC, ICICI Bank, Maruti, and HDFC Bank. 

NSE's Nifty rallied 140 points or 1.27 per cent to end at 11,162 levels. Of 50 constituents, 32 advanced and 18 declined.

Among individual stocks, Vodafone Idea ended over 8 per cent lower at Rs 8.31 on the BSE after after the Supreme Court on Monday reserved its order on timeline of staggered payment of adjusted gross revenue (AGR) related dues by telecom operators. READ MORE

Bajaj Finance ended over 4 per cent lower at Rs 3,293 on the BSE after the company informed the exchanges that Rahul Bajaj has decided to step down as the chairman. READ MORE

In the broader market, the S&P BSE MidCap ended 0.22 per cent lower at 13,624 levels while the S&P BSE SmallCap index ended over 0.24 per cent higher at 12,947. 

The sectoral trends on the NSE remained positive as barring Nifty Pharma and Nifty FMCG, all the other indices ended in the green. Nifty Bank gained over 2 per cent to 22,782 levels while Nifty Realty index ended at 201 levels, up 2 per cent. 
 
Global markets

China shares ended higher on Tuesday, lifted by healthcare stocks as global hopes for a coronavirus vaccine firmed, but profit-taking following the previous session’s rally checked gains. Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.89%, while Japan’s Nikkei index closed up 0.73 per cent.

European stocks, too, rallied after European Union leaders reached a “historic” deal on a massive stimulus plan for their coronavirus-hit economies.

In commodities, oil prices edged higher, helped by positive news about vaccine trials and a European Union stimulus deal but gains were capped by fears that new lockdowns could derail a recovery in demand.

(With inputs from Reuters)

3:56 PM

Market Closing Comment :: Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity benchmarks continued to rise for the fifth consecutive day on July 21. Volumes on the NSE were sharply higher showing wide participation among stocks. PSU stocks (on the back of divestment process gaining momentum), Reliance media companies, Banks, Cement and Auto stocks witnessed buying interest, while Bajaj Finance and Bajaj Finserv corrected post not- so-encouraging results from Bajaj Finance. FMCG, Pharma and Media stocks also underperformed.
 
Asian shares were mostly higher Tuesday on rising hopes for an effective vaccine to fight the coronavirus pandemic. European stocks climbed to a four-month high and German equities erased losses for the year after leaders agreed on a landmark recovery plan. EU leaders clinched a deal on €750B recovery fund. The recovery fund will be available from January 2021 and there will be no new bridge financing until then. In addition to the recovery fund, the EU said its next budget, which will fund initiatives between 2021 and 2027, will total €1.074T.
 
Markets have closed well for the 5th consecutive session gaining 550+ points in the process. While momentum shows some more upside in the offing, lack of correction suggests caution and mild profit taking.
3:42 PM

BSE Snapshot at Close

3:41 PM

Broader markets :: Midcaps fail to participate in rally, end flat

3:40 PM

Sectoral trends on NSE at Close

3:37 PM

Sensex Heatmap at Close

3:35 PM

Closing Bell

>> Markets built on Monday's gain. The S&P BSE Sensex settled 511 points, or 1.37 per cent, higher at 37,930.33.

>> The broader Nifty50 breached 11,150 on the upside and closed at 11,170.20 level, up 148 points or 1.34 per cent.

3:29 PM

The mystery investor who made a killing in Ruchi Soya

Indore-based edible oil maker Ruchi Soya Industries has been having a stellar run ever since it was relisted on the bourses, emerging from a bankruptcy with a new promoter on board — yoga guru Ramdev's Patanjali Ayurved. On January 27, the shares were listed at Rs 17 apiece. READ MORE

3:28 PM

MARKET CHECK

3:21 PM

INDEX GAINER:: Power Grid surges over 6%

3:20 PM

June Quarter Result :: HDFC Life's net profit grows 6% at Rs 451 cr vs Rs 425 cr YoY

>> Value of new business down 43%  at Rs 291 cr vs Rs 509 cr YoY

>> New business margin at 24.3% Vs 29.8% YoY

>> New biz premium down 33% at  Rs 2,623 cr Vs Rs 3,926 cr YoY

>> Renewal premium up 24% at  Rs 3,239 cr Vs Rs 2,610 cr YoY

3:11 PM

Den Networks, Hathway Cable freeze at 10% upper circuit post Q1 results

Shares of Den Networks and Hathway Cable & Datacom were locked in their 10 per cent upper circuit bands on the BSE at Rs 109.60, and Rs 52.70, respectively, on Tuesday after reporting a strong set of numbers for the quarter ended June 2020 (Q1FY21). These stocks also hit their respective 52-week highs on the BSE. READ MORE

2:57 PM

Gold firms near nine-year high on increased stimulus bets, silver soars

Spot gold was up 0.2% at $1,818.23 per ounce by 0510 GMT after hitting its highest since September 2011 on Monday. U.S. gold futures rose 0.2% to $1,821.10.
 
"What's really driving the gold market is stimulus and we are going to get more of it. It's the eye candy that's driving sentiment right now," said Stephen Innes, chief market strategist at financial services firm AxiCorp. READ MORE

2:50 PM

Rahul Bajaj steps down as Bajaj Fin's chairman; stk dips 8% from day's high

"Rahul Bajaj, Non-Executive Chairman of the Company, having been at the helm of the Company since its inception in 1987 and the Group for over five decades, as part of succession planning, has decided to demit the office as Chairman of the Board w.e.f. close of business hours on July 31, 2020. "He would, however, continue to serve the Company as a Non-Executive Non Independent Director," it said. READ MORE

2:43 PM

MARKET CHECK:: Mastek jumps over 15%

2:38 PM

L&T Q1 preview: Analysts see up to 90% YoY fall in profit on Covid-19 disruption

The April-June quarter of the fiscal year 2020-21 (Q1FY21) is likely to be one of the weakest quarters for the Engineering & Capital Goods (ECG) companies as the Covid-19-induced lockdown triggered demand and supply disruptions, contract labour shortage and paucity of liquidity, that stalled project execution. Order inflows during the period, analysts say, were impacted by a delay in tendering/awarding projects while crude oil price crash would have impacted orders in hydrocarbon space of the companies. READ MORE 

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First Published: Jul 21 2020 | 7:40 AM IST

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