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Sensex, Nifty rise for fifth session; investors gain Rs 5.54 lakh crore

Global equities were trading mixed today, with European stocks and Asian indices trading marginally in red as investors await interest rate decision from Reserve Bank of Australia.

Rupa Burman Roy | July 7, 2020 | Updated 17:31 IST
Sensex, Nifty rise for fifth session; investors gain Rs 5.54 lakh crore
On the currency front, Indian rupee, the local unit, ended lower at 74.94 per dollar compared to Monday's close of 74.67 per dollar

 After a volatile trading session,  Sensex and Nifty closed higher on Tuesday, barring weak European and Asian indices. Extending gains for the fifth straight session, Sensex ended 187 points higher to 36,674 and Nifty gained 36 points to trade at 10,799. While Sensex has risen 1,756 points in the last five sessions sessions, Nifty has gained 492 points. Traders said news of Chinese troops pulling back at Galwan Valley kept investors sentiments positive today.

Investors gained Rs 5.54 lakh crore in five sessions with market capitalisation on BSE climbing from Rs 130.15 lakh crore on June 30 to Rs 144.69 lakh crore today.

Bajaj Finance, Bajaj Auto, Asian Paints, Infosys and Tata Motors were the major gainers today, while ONGC, BPCL, PowerGrid, Zee Entertainment and Bharti Infratel were among the top losers. On the sectoral front, gains in banking, financials, IT, media were capped by losses in metal, auto, FMCG, pharma, PSU banking and realty stocks.

Earlier, indices opened on a positive note on Tuesday but turned volatile by the first hour of the session, amid weakness in overseas equities.

Global equities were trading mixed today, with European stocks and Asian indices trading marginally in red as investors await interest rate decision from Reserve Bank of Australia. US markets closed higher with NASDAQ witnessing a record close ignoring the further rise in coronavirus cases and its economic impact. Although, weakness in US Futures and a drop in crude prices kept global counterparts marginally in the red.

Ajit Mishra, VP - Research at Religare Broking said,"Global markets, especially in the US, are not showing any sign of slowing down despite rising COVID-19 cases. And in line with others, our markets are also rejoicing this phase. On the top of it, the banking index finally gained traction as it outdid the benchmark in today's trade. And, indications are in the favour of steady upmove from hereon and that could help the Nifty index to test 10,950 ahead."

Vinod Nair, Head of Research at Geojit Financial Services said,"Benchmark indices were volatile in trading today, after swinging from losses to end the day flat, with a positive bias. This was inspite of negative global cues, due to renewed uncertainty regarding economic recovery and delay in complete opening up of economies from lockdowns. These uncertainties regarding the sustainability of the market rally were visible in the Indian markets also, but were offset by gains in IT and Financials Index."

On the currency front, Indian rupee, the local unit, ended lower at 74.94 per dollar compared to Monday's close of 74.67 per dollar.

Worldwide, the number of cases linked to COVID-19 has crossed 1.15 crore and the death toll has topped 5.37 lakh. In India,  the number of infections crossed the 7 lakh-mark and the death toll due to the disease rose to 20,160.

Share Market Highlights: Sensex ends 187 points higher, Nifty at 10,799; Bajaj Twins, ICICI Bank top gainers

Stocks in news: Suzlon, Bandhan Bank, HUL, Godrej Consumer, PVR, Bajaj Finance

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