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Sensex ends 290 points higher, Nifty at 10,116; banking stocks outperform

Experts said global coronavirus lockdowns continued to devastate demand while a deeper fall in imports pointed to mounting pressure on the China's key manufacturing sector

Rupa Burman Roy | June 10, 2020 | Updated 18:17 IST
Sensex ends 290 points higher, Nifty at 10,116; banking stocks outperform
Traders said, investors seem to be giving importance to tensions with China and uncertainty over fresh stimulus in US

Equity market indices Sensex and Nifty closed higher on Wednesday, backed by global markets amid heavy rally in banking stocks. Reversing yesterday's losses, Sensex ended 290 points higher at 34,247 and Nifty rose 69 points to 10,116.

Yesterday, Sensex lost 413 points to 33,956 and Nifty fell 120 points to 10,046. Earlier, indices opened marginally higher and traded amid high volatility, tracking mute trend from overseas markets.

Commenting on today's mixed trend, Ajit Mishra, VP - Research, Religare Broking said,"In line with the benchmark, a mixed trend was witnessed on the sectoral front wherein banking, financial and realty pack did well. Markets will react to the US Fed meet outcome in early trade on Thursday. We reiterate our view focusing more on banking and financials as they hold the key for further up move in the Nifty else consolidation may continue."

S Ranganathan, Head of Research at LKP Securities said," Bulls firmly in control today and heartening to see some of the stressed private sector banks as well as public sector banks rally ferociously which apparently means things are infact not as bad as it is made out to be."

Asian markets closed mostly higher barring Heng Seng and China. While riots kept markets tensed in Hang Seng, Shanghai closed lower as Chinese inflation data for May fell 3.7% which was higher than analyst expectation of 3.3%. Experts said global coronavirus lockdowns continued to devastate demand while a deeper fall in imports pointed to mounting pressure on the China's key manufacturing sector.

Wall Street closed marginally higher, erasing gains made in the last week, as investors awaited cues from the outcome of the Federal  Reserve's two-day meet, scheduled to be over by today. Traders said, investors seem to be giving importance to tensions with China and uncertainty over fresh stimulus in US.

Led by the weak rally, European markets also traded marginally lower, with investors awaiting the US FOMC announcement.

Worldwide, the number of cases linked to the coronavirus has crossed 72.44 lakh and the death toll has topped 4.11 lakh. In India, the COVID-19 death toll rose to 7,745 and the number of infections rose to 2,76,583.

Meanwhile, Mahanagar Gas, Voltamp Transformers, Shriram Transport Finance, Shankara Building Products, Kartik Investments Trust, Jindal Stainless (Hisar), Jamna Auto Industries, Indian Hotels, HSIL, GRP, Dhanuka Agritech, Century Textiles & Industries and Bansal Roofing Products among others will report their Q4 results today.

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