Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
The S&P BSE Sensex and NSE Nifty50 indexes maintained their winning streak for the third consecutive day to end nearly up at 180 points and 67 points respectively.
After rallying 482 points during the day, the 30-share index advanced to end 179.59 points, or 0.52 per cent, higher at 34,911.32, led by gains in financial stocks, in contrast with the global peers.
The NSE Nifty too rose 66.80 points, or 0.65 per cent, to close at 10,311.20.
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Among the Sensex gainers, Bajaj Auto held the top position as its shares surged around 7 per cent, followed by Bajaj Finance, Bajaj Finserv, Kotak Bank, PowerGrid and Axis Bank.
The top laggards, on the other hand, were led by ONGC, HDFC, TCS and Reliance Industries were among the laggards.
In the broader market, both midcap and smallcap outperformed the benchmarks. The MidCap index rose 2 per cent and SmallCap jumped 1.4 per cent.
According to Narendra Solanki, Head – Equity Research (Fundamental), Anand Rathi, Indian market opened on a positive note despite mixed cues from its Asian peers.
During the afternoon session, benchmarks sustained their positive trend amid buying in stocks of banks, financial services, metals and midcap stocks, he said.
Further, he stated that the liquidity situation in June also remained positive as foreign portfolio investors (FPI) have infused a net Rs 17,985 crore into the Indian capital markets so far.
However, volatility remained in the market amid rising number of coronavirus cases in the country.
On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red, while those in Europe opened on a positive note.
International oil benchmark Brent crude futures fell 0.28 per cent to USD 42.07 per barrel.
On the currency front, the rupee appreciated 17 paise to provisionally close at 76.03 against the US dollar.
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