Five Reasons Why Sensex Zoomed 600 Points Today

Indian share markets continued their momentum throughout the day and ended on a strong note.

Benchmark indices extended gains as the session progressed, tracking global peers on hopes of US stimulus. Global shares rose on renewed hopes for fresh US stimulus measures, but mounting uncertainty ahead of America's presidential election and technical problems in Japan kept gains in check.

Market participants also took cues from India's factory activity, that expanded at its fastest pace in over eight years in September as a relaxation in coronavirus lockdown restrictions drove a surge in demand and output.

Sentiment also got a boost as the government announced guidelines to open more activities outside containment zones from October 1. They include cinema halls, sports activities, entertainment parks and B2B exhibitions.

At the closing bell, the BSE Sensex stood higher by 629 points (up 1.7%).

The NSE Nifty closed higher by 169 points (up 1.5%).

IndusInd Bank and Bajaj Finance were among the top gainers today.

The SGX Nifty was trading at 11,450, up by 193 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.7%.

On the sectoral front, gains were largely seen in the banking sector and finance sector.

Auto stocks also witnessed buying interest after a few companies reported encouraging auto sales numbers.

In Asia, markets in China, Hong Kong, South Korea and Taiwan were closed for a holiday today.

US stock futures are trading higher, indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 118 points (up 1.1%), while Dow Futures are trading up by 235 points (up 0.9%).

The rupee is trading at 73.14 against the US$.

Gold prices are trading down by 0.2% at Rs 50,300 per 10 grams.

In news from the IPO space, state-owned defense company Mazagon Dock Shipbuilders' initial public offer witnessed strong demand since day one. At the time of writing, the issue was subscribed to 139.5 times.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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