Sensex climbs over 1,100 points, Nifty nears 10K mark: 5 factors behind the rally
Domestic equity market traded majorly bullish today after the government announced lifting of lockdown. As per technical indicators, the rise in second half of Friday signals continuation of the uptrend, as the index surpassed 9,600 levels extending its bullish momentum
- Jun 1, 2020,
- Updated Jun 1, 2020 4:40 PM IST
Sensex and Nifty carried forward last week's bullish trend and gained momentum on Monday, buoyed by positive Asian markets, along with the nationwide easing of restrictions on the coronavirus lockdown from June 1.
Extending rise for the fourth straight session, Sensex closed 879 points higher at 33,303 and Nifty ended 245 points higher at 9,826.
At day's high, Sensex rose 1,120 points to 33,608 and Nifty rose 331 points higher at 9,991.
Market capitalisation on BSE rose to Rs 130.05 lakh crore today compared to the previous session's market cap of Rs 127.06 lakh crore. That led the market cap to rise by Rs 2.99 lakh crore.
Axis Bank, Tata Steel, Bajaj twins, JSW Steel, IndusInd Bank, SBI, ICICI Bank and HDFC twins were among the top gainers. On the other hand, Dr Reddy's, Cipla, Infratel and Sun Pharma were among the major losers today.
On Friday, Sensex closed 233 points higher at 32,424 and Nifty ended 90 points higher at 9,580. Here's a look at factors that led the Sensex and Nifty higher today.
Investors worldwide were optimistic over slowing of new virus cases, with prospects of more government stimulus amid eased lockdowns across the world. Reduced US-China geopolitical tensions also boosted market sentiments.
European indices that closed lower on Friday, reversed the trend and gained, on back of positive global equities. Barring Germany's DAX that fell 1.65%, France CAC and London's FTSE gained 1.5% each. This helped Sensex, Nifty push further and gain up to almost 4% by the afternoon session.
US stocks ended higher on Friday after Trump refrained from China sanctions. Asian stocks rose on Monday as progress on opening up economies helped offset jitters over riots in US cities and unease over Washington's power struggle with Beijing. European markets closed lower on Friday ahead of Trump proposed press meet on sanctions against China.
SGX Nifty traded up 183 points at 9,665.25. Meanwhile, US Futures (Dow Jones) traded at 25419, up 41 points or 0.16%.
SBI share price rises 7% in afternoon trade, among top Sensex gainers
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Gold prices jump on George Floyd protests, strained US-China relations
Sensex and Nifty carried forward last week's bullish trend and gained momentum on Monday, buoyed by positive Asian markets, along with the nationwide easing of restrictions on the coronavirus lockdown from June 1.
Extending rise for the fourth straight session, Sensex closed 879 points higher at 33,303 and Nifty ended 245 points higher at 9,826.
At day's high, Sensex rose 1,120 points to 33,608 and Nifty rose 331 points higher at 9,991.
Market capitalisation on BSE rose to Rs 130.05 lakh crore today compared to the previous session's market cap of Rs 127.06 lakh crore. That led the market cap to rise by Rs 2.99 lakh crore.
Axis Bank, Tata Steel, Bajaj twins, JSW Steel, IndusInd Bank, SBI, ICICI Bank and HDFC twins were among the top gainers. On the other hand, Dr Reddy's, Cipla, Infratel and Sun Pharma were among the major losers today.
On Friday, Sensex closed 233 points higher at 32,424 and Nifty ended 90 points higher at 9,580. Here's a look at factors that led the Sensex and Nifty higher today.
Investors worldwide were optimistic over slowing of new virus cases, with prospects of more government stimulus amid eased lockdowns across the world. Reduced US-China geopolitical tensions also boosted market sentiments.
European indices that closed lower on Friday, reversed the trend and gained, on back of positive global equities. Barring Germany's DAX that fell 1.65%, France CAC and London's FTSE gained 1.5% each. This helped Sensex, Nifty push further and gain up to almost 4% by the afternoon session.
US stocks ended higher on Friday after Trump refrained from China sanctions. Asian stocks rose on Monday as progress on opening up economies helped offset jitters over riots in US cities and unease over Washington's power struggle with Beijing. European markets closed lower on Friday ahead of Trump proposed press meet on sanctions against China.
SGX Nifty traded up 183 points at 9,665.25. Meanwhile, US Futures (Dow Jones) traded at 25419, up 41 points or 0.16%.
SBI share price rises 7% in afternoon trade, among top Sensex gainers
Coronavirus impact: Maruti registers 89% decline in sales in May 2020
Gold prices jump on George Floyd protests, strained US-China relations