Sensex Soars 400 Points; Nifty Above 16,500; Led By Banking, IT Shares
The domestic stock markets are trading at fresh intra-day highs in early noon trading, with the Sensex trading comfortably above the 55,500 mark and the Nifty touching the 16,500 mark, thanks to buying interest in financial and banking shares. At 12:01 pm, the BSE Sensex was trading at 55,283, higher by 435.15 points or 0.79 per cent and the NSE Nifty was at 16,486.50, up 122.90 points or 0.76 per cent. The broader markets are also trading in the green, with the BSE Midcap index and BSE Smallcap index adding 0.2 per cent and 0.4 per cent respectively.
Asian markets are trading lower; Kospi was down 1 per cent, whereas Hang Seng, Straits Times and Shanghai Composite had shed 0.3-0.9 per cent.
The Dow and S&P 500 jumped to record closes for a third straight day on Thursday, with mega-cap technology stocks driving the market higher as investors warmed to jobs data showing a steady U.S. economic recovery.
Meanwhile, oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of COVID-19 worldwide has forced governments to revive restrictions on movement.
On the earnings front, Godrej Industries, Grasim Industries, NBCC (India), NHPC and ONGC will declare their June quarter numbers during the day.
Financial shares are leading the rally this morning. HDFC has gained 41.2 per cent to Rs 2703 to top the gainers list on the BSE. Among other financial stocks, ICICI Bank, HDFC, IndusInd Bank and Axis Bank have gained around a per cent each. M&M, L&T and ITC have also gained around a per cent each on the BSE.
On the other hand, select pharma shares are trading weak, with Sun Pharma and Dr Reddy's losing almos a per cent each on the BSE.
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