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Sensex closes 284 points higher, Nifty at 10,061; banking stocks outperform

Globally, indices turned green as investors turned optimistic over prospects of more government stimulus and eased lockdowns across the world

Rupa Burman Roy | June 3, 2020 | Updated 18:13 IST
Sensex closes 284 points higher, Nifty at 10,061; banking stocks outperform
On the currency front, Rupee ended higher at 75.36 per US dollar against the last closing value of 75.55 per dollar on Tuesday

Benchmarks Sensex and Nifty closed on higher on Wednesday backed by strong global cues amid heavy buying in banking and realty stocks. Extending rise for the sixth straight session, Sensex closed 284 points higher at 34,109 and Nifty climbed 82 points to 10,061.

Sectorally, except IT and metal, all other indices closed in the green with PSU banking ending 5% higher, followed by 3.13% gains in realty and 2% gain in Nifty Bank.

Earlier today, equity market indices opened higher, backed by positive global cues. Sensex gained 510 points to 34,336 and Nifty rose 170 points to 10,150. SGX Nifty traded 90 points higher at 10,867 level, indicating a positive trend in domestic grounds today. Although by the afternoon session, Sensex and Nifty erased early gains on profit-booking and ended 0.84% and 0.83% higher, respectively.

Ajit Mishra, VP - Research, Religare Broking said," The buoyancy of the global markets triggered gap up opening and it traded range-bound thereafter. However, profit-taking in the last hour trimmed the gains."

"Markets are currently riding on the global buoyancy but profit-taking in the last hour and scheduled weekly expiry indicate the possibility of a pause on Thursday i.e. June 4. The benchmark may take a breather and see some consolidation before the further surge," he added.

Globally, indices turned green as investors turned optimistic over prospects of more government stimulus and eased lockdowns across the world.

Asian markets were trading near three-month highs, backed by increased optimism over re-opening of economies and hopes of economic stimulus.

US markets closed higher despite civil unrest across cities and tensions with China as investors started focusing more on economic recovery.

European markets gained on Wednesday on recovery hopes shrugging off civil unrest in the US. Further signs of a pickup in China's services activity offset concerns about Sino-US trade tensions. While FTSE gained over 1%, both CAC and DAX rose 1.5% each.

Investors are awaiting Q4 earnings today. Companies set to announce their earnings are Aurobindo Pharma, DCM Shriram, BPCL, Cholamandalam Investment, MAS Financial Services, Duncan Engineering, DISA and Shriram Asset Management among others.

Oil prices continued to move higher, with Brent crude futures rising to 43 cents, on hopes of rising demand as lockdown restrictions are eased and ahead of the crucial OPEC+ meeting on an output cut.

On the currency front, Rupee ended higher at 75.36 per US dollar against the last closing value of 75.55 per dollar on Tuesday.

With Nifty crossing the 10,000 mark for the first time since March 11, Geojit Financial said in its note, "Having tested 9995.45 yesterday, the move towards 10400 is pending and should be in play today. The risk to downsides start from 9923."

India, on Wednesday, recorded single-day spike of 8,909 new coronavirus cases and 217 deaths, taking nationwide infections to cross 200,000. The nation now stands at 7th position among the world's most infected countries, with the growth rate of new infections showing no signs of fall.

Share Market Update: Sensex ends 284 points higher, Nifty at 10,061; Bajaj Finance, Kotak Bank top gainers

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