Stocks

Sensex surges 629 points; Nifty reclaims 11,400

PTI | Updated on October 01, 2020 Published on October 01, 2020

Banking, financial and media stocks rally

Equity benchmark Sensex rallied 629 points on Thursday driven by strong buying sentiment in financial stocks amid positive domestic and global cues.

The 30-share BSE index ended 629.12 points or 1.65 per cent higher at 38,697.05.

The broader NSE Nifty surged 169.40 points or 1.51 per cent to close at 11,416.95.

IndusInd Bank was the top gainer in the Sensex pack, zooming over 12 per cent, followed by Bajaj Finance, Axis Bank, ICICI Bank, Tech Mahindra, Bajaj Finserv and Kotak Bank.

On the other hand, ITC, NTPC, Titan, Reliance Industries and ONGC were the laggards.

The domestic market opened on a positive note following positive global cues and better-than-expected domestic PMI manufacturing data, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares.

India’s manufacturing sector activity improved for the second straight month in September and touched an over eight-and-a-half-year high supported by accelerated increases in new orders and production, even as firms reduced staff numbers.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) increased from 52.0 in August to 56.8 in September -- highest since January 2012.

“During the afternoon session, the markets further showed strength as more broad based buying was witnessed specially in banks and financial stocks ahead of the Supreme Court judgement on moratorium interest case scheduled for Monday.

“The sentiments were also boosted as government has released a set of fresh guidelines under its Unlock 5 plans to kick start the economy with additional relaxations with fewer restrictions,” he stated.

Meanwhile, Tokyo Stock Exchange halted trading after it witnessed a technical glitch earlier in the day. Markets in Shanghai, Hong Kong and Seoul were closed for holidays.

Indices in Europe were trading on a positive note in early deals.

International oil benchmark Brent crude was trading 0.76 per cent lower at USD 41.98 per barrel

 

 

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Published on October 01, 2020
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