Business Today
Loading...

Sensex ends 519 points higher, Nifty at 10,471 amid strong recovery in global markets

Earlier, Asian markets traded slightly lower over comments after White House advisor said that the trade deal with China was 'over'. Although markets turned green by a later session of the day after he denied his earlier claims

Rupa Burman Roy | June 23, 2020 | Updated 17:28 IST
Sensex ends 519 points higher, Nifty at 10,471 amid strong recovery in global markets
As per technical indicators, Nifty's closing is near its resistance observed at 10,400 and then at 10,470 levels

Sensex and Nifty closed higher on Tuesday, in line with overseas trend amid foreign fund inflows. Sensex ended 519  points higher to 35,430 and Nifty climbed 159 points higher to 10,471. IndusInd Bank, Bajaj Finance, PowerGrid, NTPC, Nestle India, Titan and Bajaj Auto were among the top gainers today. On the other hand, TCS, Asian Paints, M&M and Infosys were among the laggards.

Domestic indices climbed higher by the later session today, with European indices reversing trend on back of strong global equities, after closing lower on Monday due to spike of coronavirus cases in US and Germany.

Commenting  on market movement today, Vinod Nair, Head of Research at Geojit Financial Services said,"Markets were optimistic on the back of news of a de-escalation in border hostilities and the pace of Covid-19 recoveries increasing, in spite of the new virus infections."

Ajit Mishra, VP - Research, Religare Broking said, " Sector indices witnessed healthy buying interest wherein banking, capital goods, realty and power were the top gainers. We may see a pause in the index ahead, citing a major hurdle at 10,525 level i.e. resistance zone of the long term moving average(200 EMA) on the daily chart."

Overseas markets were mostly higher on Tuesday, recovering from early losses. Earlier, Asian markets traded slightly lower over comments after White House advisor said that the trade deal with China was 'over'. Although markets turned green by a later session of the day after he denied his earlier claims. Barring SGX Nifty, all the other Asian counterparts closed higher.

Wall Street too closed higher after the initial fall, led by technology stocks, although trades were kept cautious with the second wave of cases that continued to rise in the US. Overseas, markets were rising with caution as the global tally of coronavirus infections surpassed 9 million.

In its evening round-up, Geojit Financial Services said,'' Market sentiments revived after the US president confirmed that the US-China trade pact is unbroken, which almost sidelined the confusion over the trade relation with China after the spat over coronavirus origin and other political issues".

Meanwhile, companies set to announce their earnings are Berger Paints, Asian Paints, Balrampur Chini, Bank of Baroda, DB Corp, Page Industries among others.

As per technical indicators, Nifty's closing is near its resistance observed at 10,400 and then at 10,470 levels.

Expressing views on Nifty's near term outlook, Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said,"The index has been forming a 'Higher Top Higher Bottom' structure and the broader markets have done considerably well in last few sessions. The upmove in index supported by a broader market participation is certainly an encouraging sign and hence, we have been optimistic on the market and have been advising to use dips as buying opportunity. The intraday supports for Nifty are placed around 10390 and 10300 whereas resistance is seen in the range of 10550-10600."

On the currency front, the rupee ended at 75.65 per dollar against the previous closing of 76.02 per dollar.

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close