This Article is From Jun 16, 2020

Sensex Rises Over 600 Points; Financial, Metal, Consumer Goods Stocks Lead Gains

Domestic stock markets maintained their strong momentum in mid-morning trading as the formal start of the US central bank's corporate bond purchase programme gave a boost to equities worldwide.

Sensex Rises Over 600 Points; Financial, Metal, Consumer Goods Stocks Lead Gains

FMCG, financial and metal stocks are leading the gains in the markets..

Domestic stock markets maintained their strong momentum in mid-morning trading on Tuesday, in line with favourable global cues, as the formal start of the US central bank's corporate bond purchase programme gave a boost to equities worldwide. The S&P BSE Sensex index climbed up as much as 2.39 per cent - or 793.21 points - to touch 34,022.01 in early trade, having started the day up 624.92 points at 33,853.72. The broader NSE Nifty 50 benchmark rose to as high as 10,046.15, after registering a gap-up opening above the 10,000 mark compared to its previous close of 9,813.70.

At 10:53 am, the Sensex traded 685.04 points - or 2.06 per cent - higher at 33,912.44, while the Nifty was up 200.80 points - or 2.05 per cent - at 10,012.60. All the NSE sectoral indices are trading in the green, with FMCG, financial and metal indices being among the major gainers.

On the global front, there is green across Asia; the Hang Seng, Nikkei, Straits Times, Taiwan and Shanghai indices have registered gains of 1-4 per cent each.

Meanwhile, petrol and diesel prices were hiked in metros on Tuesday, marking the tenth straight day of increase since state-owned oil companies returned to the normal practice of daily reviews following a 12-week pause.

The price of petrol was revised to Rs 76.73 per litre in Delhi from Rs 76.26 per litre on the previous day, while the diesel rate was increased to Rs 75.19 per litre from Rs 74.62 per litre.

In the metal space, JSW Steel, Hindalco and Tata Steel gained 4.2 per cent and 6 per cent each, on the NSE. In the financial space, ICICI Bank, HDFCBank, Kotak Bank and SBI gained between 2 per cent and 4.3 per cent each. The FMCG space saw the likes of Godrej Industries, Marico, Hindustan Unilever and Marico adding up to 2 per cent each.

On the other hand, Tata Motors shed more than 3 per cent after the auto major reported loss of Rs 9,894 crore in the third quarter ended March 2020, compared to a profit of Rs 1,117 crore in the corresponding quarter last year. Gail, Bharti Infratel and Tech Mahindra were the other losers, shedding up to half a per cent each.

The NSE market breath was strongly in gavour of the bulls. Out of 2,118 stocks traded on the NSE, there were 1,344 advancing stocks as against 379 declines.

.