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Home Business Sensex, Nifty Gain Over 1% Amid Buying In Financial, Auto Stocks

Sensex, Nifty Gain Over 1% Amid Buying In Financial, Auto Stocks

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Shares in other Asian markets pushed higher as investors weighed hopes of recovery from the slowdown caused by the coronavirus pandemic against the rising number of infections.

Domestic stock markets moved higher on Friday as buying interest picked up in banking, financial services and automobile stocks, amid gains in global markets. The S&P BSE Sensex climbed up as much as 1.17 per cent – or 400.28 points – to touch 34,608.33 during the session, having started the day up 127.33 points at 34,335.38. The broader NSE Nifty 50 rose to as high as 10,212.70, after opening stronger at 10,119.00 compared to its previous close of 10,091.65. 

At 1:03 pm, the Sensex traded 231.38 points – or 0.68 per cent – higher at 34,439.43, while the Nifty was up 84.40 points – or 0.84 per cent – at 10,176.05.

Tata Motors, Bajaj Finance, Bharti Infratel, Reliance Industries and Axis Bank, trading between 2.70 per cent and 5.19 per cent higher, were the top percentage gainers in the Nifty, as 32 stocks in the 50-scrip basket moved higher. 

On the other hand, Infosys, HDFC, HCL Tech, ITC and Coal India – down between 1.20 per cent and 1.52 per cent – were the top Nifty losers.

Reliance Industries was the top contributor to the gain in Sensex, having earlier touched a new record high after the conglomerate said it became net debt-free.

Shares in other Asian markets pushed higher as investors weighed hopes of recovery from the slowdown caused by the coronavirus pandemic against the rising number of infections.

MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.61 per cent, having recovered from choppy trade earlier. Japan’s Nikkei 225 benchmark climbed up 0.55 per cent. China’s Shanghai Composite, Hong Kong’s Hang Seng and South Korea’s KOSPI indices rose 0.96 per cent, 0.93 per cent and 0.37 per cent respectively.

The E-Mini S&P 500 futures were last seen trading 0.44 per cent higher, indicating a positive start for US markets on Friday.

European shares started Friday’s session on a positive note. While the United Kingdom’s FTSE benchmark was up 0.34 per cent in early trade, France’s CAC and Germany’s DAX barometers were up 0.59 per cent and 0.38 per cent respectively.

On the whole, global markets have been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover from the pandemic.

News Credit NDTV

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