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Sensex zooms 997 points, Nifty at 9,859; auto, metal shares outperform

Amid all-round gains in the market today, auto, metal, financials and IT stocks traded with healthy gains. Besides RIL, companies set to announce their earnings today are Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money among others

Rupa Burman Roy | April 30, 2020 | Updated 19:03 IST
Sensex zooms 997 points, Nifty at 9,859; auto, metal shares outperform
Overseas, markets were buoyed today over the news of a possible breakthrough in testing for treatment of COVID-19

Domestic market indices Sensex and Nifty closed higher for the fourth day in a row on Thursday, ahead of April F&O Expiry, tracking gains from global indices.

Extending gains for the fourth session, BSE Sensex ended 997 points higher at 33,717 and NSE Nifty climbed 306 points to 9,859.

Domestic indices ended at fresh 7-week highs, in line with the overseas trend, as investors turned optimistic over reports of ease of lockdown restrictions and banked on hopes for more stimulus packages by central banks and governments.

FIIs and DIIs both being positive also added optimism to markets, experts said.

Amid all-round gains in the market today, auto, metal, financials and IT stocks traded with healthy gains. Besides RIL, companies set to announce their earnings today are Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money among others.

S Ranganathan, Head of Research at LKP Securities said," Encouraging Results from Gilead's Drug to treat Covid-19 led to a strong opening today and market closed the April series up led by robust buying in Autos, Metals and Technology stocks"

Overseas, markets were buoyed today over the news of a possible breakthrough in testing for treatment of COVID-19.

News about positive trial results of Gilead Sciences' experimental COVID-19 treatment helped investors shrug off bleak GDP data which showed that the US economy shrank at 4.8% rate last quarter.

Asian stocks also gained on China's manufacturing data depicting that manufacturing activity in the country expanded slightly in April.

European indices opened in the negative ahead of the ECB meeting outcome, although erased initial gains following reports of positive trial results of an experimental COVID-19 treatment in the US.

Traders said opening up of lockdown in partial stages will also keep market sentiments positive.

Vinod Nair, Head of Research at Geojit Financial Services said, "Next week outlook will be driven by the way forward for resumption of business after lockdown, the announcement of any stimulus package and stock-specific earnings results"

Ajit Mishra, VP - Research, Religare Broking said," Markets have gained significant momentum in the last two sessions which is certainly an encouraging sign and the recent buoyancy in banking space would continue to play a critical role. We may now see Nifty inching towards 10,000 mark. Amid all, the upcoming auto sales and earnings will also be on participants' radar."

Commenting over the technical outlook for Nifty in the near term, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"The index has rallied almost 30% from the lows. However, the rally had been corrective in nature and not an impulse up wave. Going with the trend, we maintain cautious outlook going ahead as the index is approaching towards a cluster of 50% Fibonacci retracement and gap resistance around 9900-9950. Longs can be liquidated on weakness and fresh shorts can be initiated below 9500".

BSE, NSE will be closed tomorrow on account of Maharashtra day.

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