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Sensex ends 99 points higher, Nifty at 10,815; RIL, Infosys, Tech Mahindra top gainers

Earlier, during the opening bell, Sensex gained 338 points to 36,930 and Nifty rose 95 points to 10,862. However, by the afternoon session, market indices turned volatile and closed marginally positive

Rupa Burman Roy | July 13, 2020 | Updated 18:04 IST
Sensex ends 99 points higher, Nifty at 10,815; RIL, Infosys, Tech Mahindra top gainers
On the currency front, Indian Rupee, the local currency ended flat at 75.19 as against the last closing price of Rs 75.20 per dollar

After a volatile trading session, Sensex and Nifty ended on a bullish note on Monday, on back of heavy buying in IT, FMCG and metal stocks amid positive global cues. Reversing trend from Friday's losses, Sensex ended 99 points higher at 36,693 and Nifty rose 47 points to 10,815. On Friday, Sensex closed 143 points lower at 36,594 and Nifty fell 45 points to 10,768.

On the sectoral front, gains in FMCG, IT, metal and auto stocks were capped by losses in banking, financials, PSU Bank and realty shares. RIL, Infosys, Tech Mahindra, Tata Steel, IndusInd Bank, HUL and Maruti were among the other gainers on Sensex pack today. On the other hand, Bharti Airtel and HDFC were among the top laggards.

Earlier, during the opening bell, Sensex gained 338 points to 36,930 and Nifty rose 95 points to 10,862. However, by the afternoon session, market indices turned volatile and closed marginally positive.

Asian markets ended mostly higher, barring weakness in Singapore and Indonesia as stocks gained despite the global rise in coronavirus cases. Wall Street closed positively on Friday. European markets opened higher as French and Italian industry output data rebounded more than expected in May.

Expressing views over market's movement today, Vinod Nair, Head of Research at Geojit Financial Services said, "In a volatile day of trade, the market gave up almost all of its early gains, before closing out the day with a positive bias. Markets are hoping for further stimulus measures from the RBI, following expectations of a softening of inflation rates, which would give RBI room for further rate cuts."

"We're seeing hesitation in the market at the higher levels despite upbeat global cues and it could be largely due to caution ahead of the earnings announcements. Besides, the continuous underperformance of the banking index, which holds significant weightage in the index, is also adding to the chaos," said Ajit Mishra, VP - Research, Religare Broking Ltd.

Nifty has been consistently trading volatile in the last few sessions. As per technical indicators, as long as the crucial support of 10,660-10,560 remains intact, Nifty could first surpass the 10,850 mark and head towards 11,000-11,200, its resistance levels.

Geojit Financial in its report said Nifty's 10,880 the 200SMA, is still considered a surmountable resistance, bringing in 10,960, as an achievable objective, with the stops pulled up to 10,677.

On the currency front, Indian Rupee, the local currency ended flat at 75.19 as against the last closing price of Rs 75.20 per dollar.

Worldwide, the number of cases linked to the Covid-19 disease has crossed 1.28 crore and the death toll has topped 5.68 lakh. In India, the death toll rose to 23,174 and the number of infections spiked to 8,78,254.

Share Market Highlights: Sensex ends 99 points higher, Nifty at 10,815; HUL, Hindalco top gainers

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