Sensex Surges Over 600 Points, Nifty Touches 11,050 On HDFC Bank Boost

At 12:30 pm, the Sensex traded 639.06 points - or 1.73 per cent - higher at 37,578.66, while the Nifty was up 159.30 points - or 1.46 per cent - at 11,050.90.

Sensex Surges Over 600 Points, Nifty Touches 11,050 On HDFC Bank Boost

Gains in heavyweight HDFC Bank boosted the benchmark indices

Domestic stock markets registered sharp gains on Tuesday, boosted by gains in heavyweight HDFC Bank which jumped nearly 6 per cent after the country's largest lender by market value got approval to appoint a new CEO to succeed Aditya Puri. The S&P BSE Sensex index rose 1.74 per cent - or 644.47 points - to touch 37,584.07 at the strongest level recorded during the session, and the broader NSE Nifty 50 benchmark climbed to as high as 11,067.20, up 175.6 points from its previous close of 10,891.60. Both benchmark indices were on course to break a four-day losing streak.

At 12:30 pm, the Sensex traded 639.06 points - or 1.73 per cent - higher at 37,578.66, while the Nifty was up 159.30 points - or 1.46 per cent - at 11,050.90.

In the 50-scrip Nifty basket, 33 stocks traded higher at the time. Zee Entertainment, Reliance Industries, HDFC Bank, Hero MotoCorp and HDFC, trading between 2.79 per cent and 5.26 per cent higher, were the top percentage gainers in the index. 

On the other hand, Tech Mahindra, Bharat Petroleum, HCL Tech, IndusInd Bank and Tata Steel, down between 1.31 per cent and 2.94 per cent, were the top Nifty losers.

Shares in heavyweight HDFC Bank jumped as much as 5.78 per cent to Rs 1,059.90 apiece on the BSE, after the country's largest lender by market value said the RBI had allowed it to appoint Sashidhar Jagdishan as new CEO. (Read Full Story Here)

Analysts awaited the Reserve Bank of India's policy statement due later this week for cues. The central bank is scheduled to start a three-day review on Tuesday. 

Shares elsewhere in Asia clocked gains following Wall Street as strong US manufacturing data and strength in tech stocks, shifting investors' focus from rising COVID-19 cases around the globe. 

MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 1.35 per cent higher, while Japan's Nikkei 225 benchmark was up 1.70 per cent.

An industry gauge released overnight indicated US manufacturing activity expanded in July at the fastest pace in more than a year, helping the Wall Street move higher. However, some investors remain cautious due to worries about a resurgence of the coronavirus and a diplomatic tussle over Chinese tech companies' operations in the US.

The E-Mini S&P 500 futures were last seen trading 0.05 per cent lower, indicating a flat start for Wall Street on Tuesday, a day after the technology-stocks heavy Nasdaq Composite climbed to a record closing high.

European equities started Tuesday's session with mild gains. While the United Kingdom's FTSE benchmark was last seen trading 0.02 per cent higher in early trade, France's CAC and Germany's DAX indices were up 0.61 per cent and 0.62 per cent respectively.