Sensex, Nifty log 1st gain in four sessions; power, auto stocks spurt

Mumbai: Mrket benchmarks Sensex and Nifty broke their three-session losing streak on Monday as gains in power, auto and FMCG stocks offset weakness in banking counters.
After opening 185 points higher, the BSE Sensex was gripped by early volatility and swung about 386 points during the session. The 30-share index finally settled 173.44 points or 0.46 per cent higher at 38,050.78.
Likewise, the NSE Nifty ended 68.70 points or 0.61 per cent up at 11,247.10.
On the Sensex chart, NTPC, Bajaj Auto, Tech Mahindra, ONGC and Maruti were among the major gainers, climbing up to 7.92 per cent.
On the other hand, SBI, Bharti Airtel, Reliance Industries, Sun Pharma and ICICI Bank and HDFC Bank ended with losses of up to 1.73 per cent.
Bourses in Asia, barring Japan, closed significantly higher after China’s central bank infused cash into the financial system.
Japan’s Nikkei slumped after the country’s GDP shrank 7.8 per cent in the April-June period compared with the previous quarter. On an annualised basis, the economy sharnk 27.8 per cent — its sharpest contraction on record.
“Indian indices overcame an uncertain start and traded in a range, before ending the day with gains. Global cues were also mixed due to the delay in the approval of the US stimulus package and mixed economic data coming in from around the world.
“The markets are trading uncertain and investors are advised to remain cautious. The valuations in the market are a concern, and there could be profit booking in the near term,” said Vinod Nair, Head of Research at Geojit Financial Services.
Sectorally, BSE power, metal, utilities and auto indices rose as much as 2.96 per cent.
Of the 19 sectoral indices, only BSE energy and telecom closed in the red.
In the broader markets, BSE small-cap and large-cap indices outperform the benchmark, while the mid-cap gauge underperformed.
European equities opened higher, led by commodity and technology stocks.
International crude oil benchmark Brent rose 0.40 per cent to USD 45.13 per barrel.
On the forex market front, the rupee edged 2 paise higher at 74.88 against the US dollar.
Analysts, meanwhile, said concerns over rising coronavirus cases around the globe will continue to weigh on investor sentiment.
India’s total COVID-19 cases neared 26.5 lakh and the death toll from the infection climbed past 50,000-mark, official data showed.
Globally, the number of cases surpassed 2.16 crore and deaths topped 7.74 lakh.
—PTI

 

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