Sensex Ends 429 Points Higher; Auto And IT Stocks Rally

Indian share markets extended gains for the second consecutive day and ended on a strong note, tracking gains in Asian peers and Wall Street.

Banking and finance stocks rallied as the special liquidity scheme (SLS) trust to rescue NBFCs, announced under the Atmanirbhar Bharat Abhiyan relief package came into effect on 1 July.

Sentiment also got a boost after it was reported that India's unemployment rate fell to 11% in June from 23.5% in May, as economic activities resumed after the government eased lockdown curbs.

At the closing bell, the BSE Sensex stood higher by 429 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 121 points (up 1.2%).

The SGX Nifty was trading at 10,540, up by 141 points, at the time of writing.

The BSE Mid Cap index ended up by 1%, while the BSE Small Cap index ended the day up by 0.9%.

On the sectoral front, gains were largely seen in the auto sector and IT sector.

Asian share markets ended on a positive note today. As of the most recent closing prices, the Shanghai Composite stood higher by 2.13%, while the Nikkei ended up 0.11%.

The rupee is trading at 74.81 against the US$.

The rupee today advanced 59 paise, its biggest single-day gain since April 23, to close at 75.01 against the US dollar, boosted by gains in the domestic equity market amid weakness in the greenback.

Eveready Industries was among the buzzing stocks today.

The stock of Eveready Industries witnessed huge buying interest today and hit a fresh 52-week high after the firm reported a three-fold rise in net profit for FY20.

The company reported over three-fold jump in its net profit at Rs 1,795.7 million for the financial year 2019-20, compared to Rs 472.6 million in the last fiscal.

In Q4FY20, the net profit rose multi-fold to Rs 637.3 million against Rs 40.4 million in Q4FY19.

The profitability was aided by a rise in gross margin in the core segments of batteries and flashlights and improvement in operating margin due to additional cost savings measures.

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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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