Sensex Rises Over 300 Points, Nifty Touches 11,350 As Global Markets Rebound

Equities elsewhere in Asia moved higher, after the US markets broke a three-day losing streak which led the technology-heavy Nasdaq Composite index into correction territory.

Sensex Rises Over 300 Points, Nifty Touches 11,350 As Global Markets Rebound

Reliance Industries, ICICI Bank and Axis Bank were the top boosts to Sensex

Domestic stock markets started Thursday's session on a positive note tracking a rebound in global markets, amid hopes of a recovery from the coronavirus pandemic-caused slowdown. The S&P BSE Sensex index opened 322.96 points - or 0.85 per cent - higher at 38,516.88, and the broader NSE Nifty 50 benchmark began the day at 11,363.30, up 85.30 points - or 0.76 per cent - from its previous close. A strong buying interest in banking, financial services and oil & gas stocks supported the markets.

Here are 10 things to know about the markets today:

  1. At 9:23 am, the traded 277.81 points - or 0.73 per cent - higher at 38,471.73, while the Nifty was up 72.80 points - or 0.65 per cent - at 11,350.80.

  2. IndusInd Bank, Tata Motors, SBI, Bajaj Finserv and Reliance Industries, trading between 1.69 per cent and 2.84 per cent higher, rose the most among the 40 gainers in the 50-share Nifty basket. 

  3. On the other hand, UPL, Bharti Infratel, Bajaj Auto, Zee Entertainment and Coal India, down between 0.35 per cent and 0.93 per cent each, were the top Nifty losers. 

  4. Reliance Industries, ICICI Bank and Axis Bank were the top boosts to Sensex, contributing about 150 points to the gain in Sensex.

  5. Reliance Industries shares rose as much as 2.30 per cent to a record Rs 2,211 apiece on the BSE, continuing to rise a day after the conglomerate announced a Rs 7,500-crore investment from private equity firm Silver Lake for its retail business.

  6. Market breadth was highly positive, with an advance decline ratio of almost 5:1 as 1,377 stocks on the BSE rose against 295 that fell. 

  7. Analysts awaited updates from a Supreme Court hearing later in the day on whether a waiver on interest on deferred loan repayments should be allowed during the coronavirus-induced lockdown.

  8. Last Thursday, the top court directed banks not to declare any loans that were standard as of end-August as non-performing until further orders, hurting banking stocks. 

  9. Equities elsewhere in Asia moved higher, after the US markets broke a three-day losing streak. MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.58 per cent higher, while Japan's Nikkei 225 was up 0.75 per cent.

  10. The E-Mini S&P 500 futures declined 0.29 per cent, indicating a negative start for US markets on Thursday, a day after Wall Street's three main indices ended higher as investors jumped back in to take advantage of the pullback in technology-related stocks.


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