Nifty Hits 20,000-Mark For The First Time: Market Wrap

India's benchmark stock indices advanced for the seventh straight day to log the best stretch of gains in 11 weeks since June 26 to July 6, when the indices advanced for eight days.

While the Nifty 50 crossed the 20,000 level for the first time intraday, the Sensex was about 400 points shy of its record closing high at 67,571.90 points. The public sector unit banks, metals, and auto sectors rose in trade, whereas the media sector was under pressure.

Europe’s Stoxx 600 rose 0.5%, and U.S. futures pointed to gains on Wall Street. Tesla Inc. rallied 5% in U.S. premarket trading on an upgrade from Morgan Stanley.

Italian banks led gains among European lenders after a report that the government is weighing changes to a controversial tax on banks’ windfall profits.

In China, there are hints that the economy may be stabilising after a sharp downturn. The benchmark CSI 300 rose 0.7% on Monday, snapping a four-session losing streak.

Shares in Hong Kong fell as trading resumed after a Friday closure, and property stocks there sank following disappointing earnings at Sun Hung Kai Properties Ltd.

The S&P BSE Sensex closed up 528 points, or 0.79%, at 67,127.08, while the NSE Nifty 50 was 176 points, or 0.89%, higher at 19,996.35.

Axis Bank Ltd., Adani Ports and Special Economic Zone Ltd., HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., and Reliance Industries Ltd. were positively contributing to changes in the Nifty.

Bajaj Finance Ltd., Coal India Ltd., IndusInd Bank Ltd., Larsen & Toubro Ltd., and Oil & Natural Gas Corp. were weighing the index down.

The broader market indices ended higher; the S&P BSE MidCap was up 1.20%, whereas the S&P BSE SmallCap was also 0.70% higher.

All 20 sectors compiled by BSE advanced. S&P BSE Telecommunication, S&P BSE Power, and S&P BSE Utilities rose the most.

The market breadth was skewed in favour of buyers. About 2,112 stocks rose, 1,660 declined, and 170 remained unchanged on the BSE.

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