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Sensex Jumps Over 400 Points, Nifty Tops 11,450 As Markets Rise For Third Straight Day

HDFC Bank, ITC, Kotak Bank and HUL were the top contributors to the gain in Sensex.

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Sensex Jumps Over 400 Points, Nifty Tops 11,450 As Markets Rise For Third Straight Day

HDFC Bank, ITC, Kotak Bank and HUL were the top contributors to the gain in Sensex

Domestic stock markets registered sharp gains on Tuesday, rising for the third session in a row, amid gains in Asian peers. The S&P BSE Sensex index jumped as much as 413 points to touch 38,627 at the day's strongest level, and the broader NSE Nifty benchmark reclaimed important psychological level of 11,450. Gains in automobile, consumer goods, banking and energy stocks pushed the markets higher. However information technology and telecom shares were witnessing selling pressure.
Here are 10 things to know about the share markets today:
  1. At 2:28 pm, the Sensex traded 381 points - or 1 per cent - higher at 38,596 while the Nifty was up 110 points - or 0.97 per cent - at 11,451.
  2. Top percentage gainers on the 50-scrip index at the time were Eicher Motors, Zee Entertainment, Hero MotoCorp, Hindustan Unilever, Mahindra & Mahindra and Maruti Suzuki India, trading between 2.33 per cent and 4.03 per cent higher. 
  3. The Nifty Auto index - comprising shares in manufacturers of cars, motorcycles, heavy vehicles, auto ancillaries and tyres - jumped as much as 2.09 per cent. Prominent gainers in the sector included Eicher Motors, Maruti Suzuki and Hero MotoCorp, which rose as much as 4.75 per cent, 2.90 per cent and 3.40 per cent respectively. 
  4. HDFC Bank, ITC, Kotak Bank and HUL were the top contributors to the gain in Sensex. 
  5. Consumer goods stocks rose a day after Hindustan Unilever reported its earnings for the second quarter of the current financial year, beating Street estimates. HUL shares jumped as much as 2.74 per cent to Rs 2,070.00 apiece on the BSE. 
  6. Analysts awaited more large cap companies to report their quarterly earnings for cues.
  7. IT major Wipro was due to report its results for the quarter ended September 30 later in the day. Wipro shares fell as much as 1.71 per cent to Rs 239.20 apiece on the BSE. 
  8. Analysts believe there is further room for the RBI to ease the monetary policy going forward.
  9. "With growth numbers remaining fairly weak we expect RBI to continue with its rate cuts," news agency Reuters quoted Shubhada Rao, chief economist at Yes Bank, as saying in a report. "For remaining FY20, we expect 25-40 bps of rate cut."
  10. Official data showed on Monday that consumer inflation hit a 14-month high of 3.99 per cent in September, close to the Reserve Bank of India's medium-term goal. 




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