Sensex, Nifty Extend Gains; M&M And Hero MotoCorp Surge Over 4%

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

The BSE Sensex is trading up by 382 points, up 1.1%, at 35,800 levels. Meanwhile, the NSE Nifty is trading up by 105 points.

The BSE Mid Cap index is trading up by 0.6%. The BSE Small Cap index is trading up by 0.9%.

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

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

The rupee is trading at 75.48 against the US$.

Gold prices are trading down by 0.2% at Rs 48,199 per 10 grams.

Moving on, Ruchi Soya Industries and Alok Industries are among the buzzing stocks today. The market regulator is probing into the recent jump in share prices of both the companies.

The capital market regulator has sought details of unusual trades in the two stocks from stock exchanges.

Alok Industries, which was re-listed on February 27 after the restructuring of equity, has run up 1,256% since April.

The Mumbai-based textile manufacturer was acquired by Reliance Industries along with JM Financial Asset Reconstruction Company last year through NCLT.

Meanwhile, edible oil maker Ruchi Soya, which was acquired by Baba Ramdev's Patanjali Group through a bankruptcy sale, has been one of the top performers on Dalal Street of late.

After getting relisted on January 27, shares of the company have rallied 8,819%, valuing the company at about Rs 503.6 billion.

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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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