Sensex Gains Over 150 Points From Day's Low Amid Choppy Trade

Edited by Sandeep Singh (with inputs from agencies)

23 Jul 2020, 09:33 AM IST

Analysts awaited more large cap companies to report their financial results for cues

Domestic stock markets moved in a narrow range fluctuating between gains and losses on Thursday, a day after benchmark indices Sensex and Nifty snapped a rally that lasted five days. The Sensex index bounced 187.99 points from 37,738.59, the lowest level recorded in early trade, to touch 37,926.58 on the upside, after starting the day down 60.67 points (0.16 per cent) at 37,810.85. The broader NSE Nifty 50 benchmark was stuck in a range of 65.8 points, between 11,103.15 and 11,168.95, having started the session nearly unchanged at 11,135.00. Gains in consumer goods and energy stocks were countered by losses in IT and select banking stocks.

At 9:25 am, the Sensex traded 34.31 points - or 0.09 per cent - higher at 37,905.83, while the Nifty was up 27.65 points - or 0.25 per cent - at 11,160.25.

Market breadth favoured gains, with an advance-decline ratio of almost 2:1, as 951 stocks traded higher on the BSE against 459 that moved in the opposite direction.

Zee Entertainment, Bharat Petroleum, UPL, Asian Paints and Britannia - trading between 1.76 per cent and 4.43 per cent higher - led the 39 percentage gainers in the 50-scrip Nifty basket. On the other hand, Axis Bank, Infosys, Bajaj Auto, TCS and Power Grid - down between 0.33 per cent and 1.90 per cent - were the top Nifty losers.

Reliance Industries, HDFC and ITC were the top boosts to the Sensex, whereas Infosys and HDFC Bank were the biggest drags.

Analysts awaited financial results from large cap companies to gauge the ongoing earnings season for near-term cues.

Equities in other share markets slipped as investors' worries over rising tensions between the US and China overcame hopes for more stimulus, after the US ordered the closure of China's consulate in Houston amid accusations of spying, according to news agency Reuters.

After ticking higher earlier in the morning session, MSCI's broadest index of Asian shares outside Japan was last seen trading 0.3 per cent lower, weighed down by slumping Chinese stocks.

The Shanghai benchmark dropped 1.67 per cent following four days of gains.