Sensex, Nifty Extend Gains; Bajaj Finance & Tata Steel Surge Over 4%

Share markets in India have extended early gains and are presently trading higher, tracking gains in Asian peers.

Benchmark indices edged higher today, led by gains in financials and metal stocks.

Sentiment was also bullish following a positive trend in global peers and investors awaited the June quarter earnings season to begin.

Tata Consultancy Services (TCS) is slated to announce its June quarter results later today.

The BSE Sensex is trading up by 255 points, up 0.7%, at 36,500 levels. Meanwhile, the NSE Nifty is trading up by 73 points.

The BSE Mid Cap index is trading down by 0.1%. The BSE Small Cap index is trading up by 0.4%.

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

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

The rupee is trading at 75.01 against the US$.

Gold prices are trading up by 0.2% at Rs 49,244 per 10 grams.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

Moving on, market participants are tracking L&T Infotech share price. Shares of the company hit an all-time high and are trading higher for the sixth-straight day today amid expectation of earnings recovery in the second half of financial year 2020-21.

Yesterday, the company announced that it has launched LTI Canvas, a modern software engineering platform that addresses a critical need for enabling work from anywhere.

The board of directors of the company is scheduled to meet on Wednesday, July 15, to consider the un-audited financial results of the company for the quarter ended June 30, 2020 (Q1FY20).

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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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