Sensex Ends 995 Points Higher; Banking And IT Stocks Witness Huge Buying

Indian share markets continued their momentum during closing hours today and ended on a strong note.

Benchmark indices witnessed gains and ended on a positive note with Nifty above 9,300 level and Sensex reclaiming its 31,000-mark.

At the closing bell, the BSE Sensex stood higher by 995 points (up 3.2%) and the NSE Nifty closed up by 285 points (up 3.2%).

The BSE Mid Cap index ended the day up by 0.5%, while the BSE Small Cap index ended up by 0.3%.

Sectoral indices ended on a positive note with stocks in the banking sector, finance sector and IT sector witnessing maximum buying interest.

Asian stock markets finished on a mixed note today. The Nikkei ended 0.7% higher while the Hang Seng ended 0.36% lower.

China's central bank made a fresh cash injection into the interbank money market through reverse repos for a second straight day today, while it continued to keep the borrowing cost unchanged.

The People's Bank of China (PBOC) injected 120 billion yuan (US$ 16.8 billion) via seven-day reverse repos at 2.20%, the same as the previous operation. According to the central bank's statement, the move was to counteract the impact of government bond issuance in order to keep the banking system liquidity reasonably ample.

European stock markets were trading on a positive note. The FTSE index gained 1.58% and the DAX was trading up by 1.88%. European shares inched higher as investors focused on a fresh stimulus plan for the European Union, while renewed US-China tensions over Hong Kong tempered optimism about a global economic recovery.

The rupee is trading at 75.62 against the US$.

Note that stock markets around the world have witnessed one of the most volatile phases in 2020 so far.

One month we see a sharp decline followed by a sharp up move the next month.

One day we hear positive news of a vaccine for the virus. Another day, a WHO scientist says we might have to live with this virus for years.

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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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