Sensex jumps 466 points on global cues, auto and metal stocks gain
Jul 06, 2020
Mumbai (Maharashtra) [India], July 6 : Equity indices traded with a positive bias throughout Monday's session amid a strong rally in all major sectors.
At the closing bell, the BSE S&P Sensex was up by 466 points or 1.29 per cent at 36,487 while the Nifty 50 edged higher by 156 points or 1.47 per cent at 10,764.
Nifty pharma slipped by 0.6 per cent but all other sectoral indices at the National Stock Exchange were in the green with Nifty auto gaining by 2.8 per cent, metal by 2.4 per cent, realty by 3 per cent, private bank by 1.5 per cent and finance service by 1.4 per cent.
Among stocks, Mahindra & Mahindra witnessed a handsome gain of 7.4 per cent to Rs 569.70 per share. Tata Motors was up by 5.3 per cent and Maruti Suzuki by 3.4 per cent.
Metal majors Hindalco and Tata Steel gained by 5.6 per cent and 2.7 per cent while index heavyweight Reliance Industries edged higher by 3.7 per cent to Rs 1,855 per share.
Bharat Heavy Electricals Ltd (BHEL) jumped 12.68 per cent to close at Rs 43.55 per share despite India Ratings and Research revising the rating on its long-term bank facilities to AA from AA-plus and reaffirming the outlook to negative.
However, those which lost were Bajaj Auto, Bharti Airtel, Dr Reddy's, Cipla and Hindustan Lever.
Meanwhile, Asian markets were in the positive zone as most economies reported better-than-expected near-term normalcy in a rebound of economic activity.
Investors counted on cheap liquidity and fiscal stimulus to sustain the global economic recovery even as surging coronavirus cases delayed re-openings across the United States.
Japan's Nikkei managed a rise of 1.8 per cent while Hong Kong's Hang Seng climbed up by 3.8 per cent and Shanghai Composite by 5.7 per cent.
