Sensex Ends 408 Points Higher; Banking And Metal Stocks Witness Buying

Indian share markets witnessed buying interest after a 1-day hiatus and ended on a strong note today.

Benchmark indices recouped losses witnessed yesterday and traded on a positive note throughout the day today with Nifty finishing above the 10,800 level.

Sentiment got a boost after Prime Minister Narendra Modi today said that India is already seeing green shoots of economic recovery as Indians have the spirit to achieve what is believed to be impossible.

PM Modi while addressing India Global Week 2020 today said "Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green-shoots when it comes to economic recovery."

At the closing bell, the BSE Sensex stood higher by 408 points (up 1.1%).

The NSE Nifty closed higher by 107 points (up 1%).

The SGX Nifty was trading at 10,833, up by 149 points, at the time of writing.

The BSE Mid Cap index ended up by 0.1%.

The BSE Small Cap index ended up by 0.5%.

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

Power stocks, on the other hand, witnessed selling pressure.

Asian stock markets ended on a positive note today. As of the most recent closing prices, the Hang Seng ended up by 0.3% and the Shanghai Composite stood higher by 1.4%. The Nikkei ended up by 0.4%.

The rupee is trading at 75.03 against the US$.

Gold prices are trading up by 0.2% at Rs 49,275 per 10 grams.

Speaking of gold, note that the yellow metal is in focus lately.

Gold futures in the US had crossed the US $1,800-an ounce mark earlier, but for the first time in 8 years, even the spot price was above US$ 1,800.

The international bullion was trading higher for the fourth straight session on expectations of more stimuli from the Federal Reserve to combat the effect for the second wave of Covid-19 cases. Cases in the US have crossed the 3-million mark.

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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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