This Article is From Aug 31, 2020

Sensex Jumps Over 500 Points, Nifty Tops 11,750 As Banking Stocks Soar

Official data on the country's gross domestic product (GDP) will be released at 5:30 pm today.

Sensex Jumps Over 500 Points, Nifty Tops 11,750 As Banking Stocks Soar

Domestic stock markets trimmed early gains after jumping over 1 per cent tracking gains across Asian equities, ahead of the release of official data on India's gross domestic product (GDP). The S&P BSE Sensex index climbed up as much as 1.38 per cent - or 542.86 points - to touch 40,010.17 in the first few minutes of trade, having started the day up 420.84 points (1.07 per cent) at 39,888.15. The broader NSE Nifty 50 benchmark traded firm above the 11,750 mark, amid a strong buying interest across sectors.

At 9:29 am, the Sensex traded 362.16 points - or 0.92 per cent - higher at 39,829.47 while the Nifty was up 105.60 points - or 0.91 per cent - at 11,753.20. 

IndusInd Bank, Adani Ports, Axis Bank, Bharti Infratel and Tata Motors, trading between 2.31 per cent and 3.09 per cent higher, jumped the most among the 40 gainers in the Nifty basket of 50 shares. On the other hand, JSW Steel, Bharti Airtel, Sun pharma, Bajaj Auto and Cipla, down between 0.48 per cent and 1.05 per cent each, were the top Nifty losers.

Reliance Industries, HDFC and HDFC Bank were the top boosts to the Sensex.

Shares in other Asian markets rose to a 29-month peak on Monday, amid hopes of a recovery from the damage caused by the coronavirus pandemic amid stimulatory monetary and fiscal policies around the globe after an upbeat reading on China's service sector.

MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.49 per cent higher, having earlier hit its highest intraday level since March 2018. Japan's Nikkei 225 benchmark was up 1.79 per cent at the time.

China's Shanghai Composite traded up 0.80 per cent, after surveys showed the country's manufacturing activity edged back a tick to 51.0 in July, but services jumping a full point to 55.2 in a hopeful sign of reviving consumer demand.

Hong Kong's Hang Seng barometer was up 1.29 per cent, but South Korea's KOSPI index was down 0.20 per cent.

The E-Mini S&P 500 futures were up 0.27 per cent, indicating a positive start for US markets on Monday.

Stock markets got a boost last week after Federal Reserve Chairman Jerome Powell committed to keep inflation in the world's largest economy at 2 per cent on average, allowing prices to run hotter to balance periods when they undershot.