Sensex and Nifty closed higher today after two sessions of fall after IT, bank and energy stocks gained amid firm global cues. While Sensex gained 329.17 points or 0.94 per cent to 35,171, Nifty surged 94.10 points or 0.90 per cent to end at 10,383.
On a weekly basis, Sensex gained 439.54 points or 1.26 per cent, while Nifty climbed 138.60 points or 1.35 per cent. Both indexes recorded a second straight week of gains.
IT and oil and gas stocks were the top gainers in session today. While BSE IT index gained 728 points to 15,125, BSE oil and gas index rose 349 points to 13,072.
On Sensex, Infosys, TCS, IndusInd Bank and ONGC were the top gainers rising up to 7%. Gains were led by IT stocks with BSE IT index rising 728 points to 15,125. ITC, Bajaj Finance and Kotak Bank were the top Sensex losers falling up to 3.54%.
Of 30 Sensex stocks, 16 closed in the green.
ITC stock closed 3.54% lower at Rs 195.10. The FMCG stock has fallen after 4 days of consecutive gain.
Market heavyweight Reliance Industries ended 1.43% or Rs 24 higher at Rs 1742 against previous close of Rs 1717.
Shrikant Chouhan, Executive Vice President at Equity Technical Research at Kotak Securities said, "Nifty trimmed some gains from the day's highest level of 10407 during the mid-session but eventually managed to close above 10400, which is broadly positive for the index.
Technically, the short term texture of the index is still in to the positive trend. Despite the correction in the last two days, from 10550-10195 levels, the index has still maintained higher bottom series pattern which indicates the uptrend is still intact and likely to continue if the index manages to trade above 10200."
Shares of UCO Bank closed 15.53% higher after the state lender reported a profit in the March quarter, compared with a loss a year earlier. In Q4, the state-owned lender posted net profit of Rs 16.78 crore helped by rise in other income and decline in provisions. The bank had posted a net loss of Rs 1,552.02 crore in Q4 FY19.
After an unbroken rise in the last two weeks, the markets turned a bit volatile this week, said Joseph Thomas, Head of Research - Emkay Wealth Management.
"This was mainly influenced by factors like the phenomenal rise in the coronavirus cases in the US and India, the military stand-off between India and China at the border, and also with the ongoing spat between China and the US on many issues including trade and the source of the pandemic," he said.
Market capitalisation on BSE rose to Rs 140.77 lakh crore today against market cap of Rs 139.69 lakh crore in previous session leading to a rise in investor wealth of Rs 1.08 lakh crore.
130 stocks hit their 52-week highs against 57 slipping to their 52-week lows on BSE.
On BSE, 509 stocks hit the upper circuit against 148 stocks falling to their lower circuits. Market breadth was positive with 1619 stocks rising against 1097 falling on BSE. 149 stocks were unchanged.
Broader BSE mid-cap and small-cap indices rose up to 0.27 per cent.
Global equities rose, shrugging off rising coronavirus cases.
Bourses in Japan and Seoul ended with significant gains, while Hong Kong settled in the red. Markets in Shanghai were closed for a public holiday. Stock exchanges in Europe were trading over 1 per cent higher in early deals.
Meanwhile, international oil benchmark Brent crude futures rose 1.27 per cent to USD 41.57 per barrel.
On the currency front, the rupee pared initial gains and settled on a flat note at 75.65 against the US dollar.
India registered its highest single-day surge of 17,296 coronavirus cases, taking the total to 4,90,401 with 15,301 deaths. Globally, COVID-19 cases have topped 96.2 lakh, with around 4.9 lakh fatalities.
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