Stocks

Sensex surges 511 points to close at 37,930; Nifty tops 11,150 level

Our Bureau PTI | Updated on July 21, 2020

On buying spree   -  Getty Images/iStockphoto

Equity benchmark Sensex rallied over 500 points on Tuesday tracking heightened buying across the board amid strong cues from global markets as hopes of a Covid-19 vaccine boosted investor confidence.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

According to traders, domestic market participants tracked strong global markets as hopes of a Covid-19 vaccine increased their risk appetite.

In India, AIIMS-Delhi began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin.

Also, AstraZeneca will run a clinical study in India on its “promising” Covid-19 vaccine candidate being developed along with Oxford University.

After hitting a high of 37,990.55, the 30-share BSE Sensex ended 511.34 points, or 1.37 per cent, higher at 37,930.33.

Similarly, the NSE Nifty rose 162.25 points, or 1.29 per cent, to 11,162.25.

PowerGrid was the top gainer in the Sensex pack, rallying over 6 per cent, followed by Maruti, HDFC, ICICI Bank, Kotak Bank, Axis Bank, Reliance and ONGCk.

On the other hand, Bajaj Finance, Bajaj Finserv, Asian Paint, Sun Pharma and Bharti Airtel were the laggards.

Buzzing Stocks

 

Cement maker ACC share price gained nearly 4 percent after the company posted June quarter numbers. The company reported a 40.53 percent decline in consolidated net profit to Rs 270.95 crore for the quarter ending June 30, 2020.

Majesco share price hit 5 per cent upper circuit, or Rs 19.10, to Rs 401.15 on the BSE today after the company Board agreed to sell its US subsidiary to private equity firm Thoma Bravo. The board of the directors of the company at its meeting held today, approved the sale of the company’s entire stake/investment in the US subsidiary pursuant to the merger, subject to the approval of the shareholders and other regulatory and statutory approvals, as may be required, the company said in a filing to the exchanges

HDFC Life Insurance shares were up by Rs 9.85, or 1.60%, to Rs 627 on the BSE after the company reported its Q1 results. The company Q1 net profit was up 6% at Rs 451 crore versus Rs 425 crore and renewal premium was up 24% at Rs 3,239 crore versus Rs 2,610 crore.

Meanwhile, in the forex market, the rupee ended higher at 74.74 against the dollar, amid buying seen in the domestic equity market. It opened higher at 74.80 as compared to the previous close of 74.91.

Published on July 21, 2020

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