Indian Indices Trade Higher; Bajaj Finance, ICICI Bank & SBI Top Gainers

Share markets in India are presently trading on a strong note, tracking positive global cues.

Extending gains to the sixth straight day, benchmark indices edged higher taking cues from global markets as investors looked past the social unrest in the US and continued to focus on easing lockdown restrictions and prospects of economic recovery.

Optimism in the Indian market has been driven by positive sentiment across global markets as most of the economies are opening up after weeks of shutdown induced by coronavirus pandemic.

The BSE Sensex breached the 34,000-mark and is trading 497 points higher at 34,300 levels.

Meanwhile, the NSE Nifty also reclaimed the psychological level of 10,000, the first time since March 13, and is trading up by 158 points.

The BSE Mid Cap index is trading up by 1.4%.

Meanwhile, the BSE Small Cap index is presently trading up by 2.2%.

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

IT stocks, on the other hand, are witnessing selling pressure.

The rupee is trading at 75.25 against the US$.

Gold prices are trading down by 0.2% at Rs 46,700 per 10 grams.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Moving on, market participants are tracking Vodafone Idea share price. Shares of the company surged over 10% today on the back of heavy volumes.

Yesterday, shares of the telecom operator soared 20% to hit a six-month high of Rs 7.87 on the BSE.

Note that shares of the company have rallied sharply in the past few days after the company on Friday said it was constantly evaluating various opportunities but there was no proposal before the board of the firm as yet.

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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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