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Sensex rallies 700 points, Nifty ends at 10,091; banks lead gains

The latest developments on the AGR payment dues wherein the SC allowed more time to the Department of Telecommunications(DOT) to review the payment proposals by the telecom companies also helped keeping the trend in positive grounds.

twitter-logoBusinessToday.In Last Updated: June 18, 2020 | 17:20 IST
Sensex rallies 700 points, Nifty ends at 10,091; banks lead gains
In terms of technical indicators, Nifty's made a direct rise and broke above 10,034 and 10,050 and then landed below the next resistance levels of levels observed at 10,133 and 10,160, respectively.

Sensex and Nifty closed higher on Thursday as investors were optimistic of the outcome from FM Nirmala Sitharaman's press conference today, scheduled to be held at 4 PM.

Sensex ended 700 points to 34,208 and Nifty rose 210 points to 10,091.

The latest developments on the AGR payment dues wherein the SC allowed more time to the Department of Telecommunications(DOT) to review the payment proposals by the telecom companies also helped keeping the trend in positive grounds.

Coal India, Bajaj Finance, Bajaj Finserv, Vedanta, HDFC Bank, Kotak Bank, Axis Bank, HDFC were among the top gainers today. Meanwhile, ONGC, Nestle, Maruti, Bajaj Auto, HUL, Hero MotoCorp, Bharti Airtel, Sun Pharma were among the top laggards.

This was in contrast to the global markets amid fears of resurgence of the virus in US and China.

Sensex and Nifty recovered from initial losses and climbed by Thursday's afternoon session to close at day's high, rising over 2% each. Earlier, domestic indices opened lower, tracking weak cues from Asian equities, although reversed trend by the first hour of the session.

Overseas, Asian equities and Wall Street futures traded lower on Thursday, amid a surge in new coronavirus infections in some US states and China that erased hopes of a quick global economic recovery from the pandemic.

While several US states including reported a surge in new coronavirus infections, China's Beijing cancelled flights, shut schools and blocked off some neighbourhoods. European indices too reversed the trend to red after opening marginally higher.

S Ranganathan, Head of Research at LKP Securities said, "A spirited rally by the two Bajaj Twins in the BFSI segment helped the Dalal street close comfortably above the mark today.  The day also witnessed strong investor appetite for Defence stocks in the wake of the recent Indo-China tension across the border".

In terms of technical indicators, Nifty's made a direct rise and broke above 10,034 and 10,050 and then landed below the next resistance levels of levels observed at 10,133 and 10,160, respectively.

Ajit Mishra, VP - Research, Religare Broking," Banking, metal and capital goods majors and the market breadth too was inclined strongly on the advancing side. We expect the Nifty index to carry this momentum and inch towards 10,250 levels ahead. News related to the stand-off with China and cues from the global market will remain on participants' radar. Since all the sectors are contributing to the move, traders should maintain their focus on the stock selection."

Meanwhile, companies set to announce their earnings are Bajaj Consumer Care, IRB Infrastructure Developers, City Union Bank, CARE Ratings Thomas Cook, GSFC, Whirlpool among others.

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