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Friday, July 3, 2020

Sensex, Nifty Gain 1% As Financial, Pharma Stocks Push Markets Higher

Reliance Industries, ICICI Bank and HDFC together contributed more than 200 points to the gain in Sensex.
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Sensex, Nifty Gain 1% As Financial, Pharma Stocks Push Markets Higher

Gains in financial and pharma stocks supported the markets

Domestic stock markets started Monday’s session on a positive note amid gains in financial and pharmaceutical shares. The S&P BSE Sensex index climbed up as much as 1.26 per cent – or 438.35 points – to touch 35,170.08 in the first hour of trade, having started the day up 160.3 points at 34,892.03. The broader NSE Nifty 50 benchmark rose to as high as 10,376.70, after opening stronger at 10,318.75 compared to its previous close of 10,244.40. 

At 9:39 am, the Sensex traded 419.10 points – or 1.21 per cent – higher at 35,150.83, while the Nifty was up 122.20 points – or 1.19 per cent – at 10,366.60.

In the 50-scrip Nifty basket, 40 stocks moved higher at the time. Top percentage gainers were Bajaj Finserv, Cipla, Bajaj Finance, Bajaj Auto and IndusInd Bank, trading between 2.66 per cent and 6.22 per cent higher. 

On the other hand, Wipro, ONGC, TCS, UltraTech Cement and Infosys – down between 0.31 per cent and 2.07 per cent – were the top Nifty losers. 

Reliance Industries, ICICI Bank and HDFC together contributed more than 200 points to the gain in Sensex.

However, widespread concerns about the country’s economic growth remain due to the damage caused by the coronavirus pandemic and the nationwide lockdown to curb its spread, say analysts.

Equities in other Asian markets moved on a mixed note. MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.13 per cent lower. While Hong Kong’s Hang Seng and South Korea’s KOSPI indices were down 0.37 per cent and 0.06 per cent at the time, Japan’s Nikkei 225 and China’s Shanghai Composite benchmarks were up 0.09 per cent and 0.25 per cent.

After a brutal sell-off earlier this year, share prices had risen globally over the past three months, helped by massive stimulus around the world and hopes the worst of the pandemic was over.

The E-Mini S&P 500 futures were up 0.49 per cent, indicating a positive start for US markets on Monday.

Last Friday, the S&P BSE Sensex index gained 523.68 points – or 1.53 per cent – to end at 34,731.73, and the broader NSE Nifty 50 benchmark settled at 10,244.40, up 152.75 points – or 1.51 per cent – from its previous close.

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