Sensex Gains Over 250 Points, Nifty Crosses 11,250: 10 Things To Know

Stock market updates: Gains across sectors - led by financial, automobile, pharmaceutical and metal shares - pushed the markets higher.

Sensex Gains Over 250 Points, Nifty Crosses 11,250: 10 Things To Know

Sensex today: ICICI Bank, HDFC Bank and Reliance Industries were the top contributors to the upmove

Stock markets started Tuesday's session on a strong note, a day after credit ratings major Moody's said that the operating environment for Indian banks will be stable but economic slowdown poses challenges to the sector. The S&P BSE Sensex index rose as much as 263.84 points to touch 37,950.21 in early trade, and the broader NSE Nifty benchmark climbed to 11,267.45, up 78.25 points from the previous close. Gains across sectors - led by financial, automobile, pharmaceutical and metal shares - pushed the markets higher. The domestic markets also tracked gains in Asian peers, where investors prepared for an expected interest rate cut in the US this week.

Here are 10 things to know about the share market today:

  1. At 9:37 am, the Sensex traded 203.42 points - or 0.54 per cent - higher at 37,889.79, while the Nifty was up 64.85 points - or 0.58 per cent at 11,254.05.

  2. Top gainers on the 50-scrip benchmark index at the time were JSW Steel, Cipla, Eicher Motors, Bajaj Finserv, Grasim, Tata Steel and ICICI Bank, trading between 1.49 per cent and 2.07 per cent higher. 

  3. Market breadth favoured gains, with 767 stocks on the BSE trading higher and 513 struggling with losses. On the NSE, 861 stocks advanced while 646 declined. 

  4. ICICI Bank, HDFC Bank and Reliance Industries were the top contributors to the upmove in Sensex. 

  5. Despite stability in the country's macro fundamentals, stress among non-banking financial institutions will continue to constrain economic growth, Moody's Investors Services said in a report on Monday. The stress faced by the NBFI sector and economic slowdown can also hamper asset quality improvements, it added.

  6. Analysts awaited more large cap companies to report their earnings this week. Axis Bank, Hero MotoCorp and Tech Mahindra will report their financial results for the quarter ended June 30 later in the day. Bharti Airtel, Housing Development Finance Corporation, ITC and State Bank of India will also report their earnings this week. 

  7. Equities in other Asian markets edged up with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.15 per cent. South Korea's KOSPI advanced 0.2 per cent and Japan's Nikkei added 0.7 per cent. Australian stocks climbed as much as 0.7 per cent to clock a record high.

  8. The Federal Reserve - the US central bank - begins a two-day policy meeting later on Tuesday, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade.

  9. Prospective monetary easing by the Fed has been a key factor behind the recent bull run by global equities, particularly US stocks, which have notched up record highs over the past month.

  10. The Sensex and Nifty indexes had finished 0.52 per cent and 0.84 per cent respectively on Monday.

(With inputs from Reuters)



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