Sensex Zooms 835 Points; Telecom, IT And Automobile Stocks Rally

Indian share markets continued their momentum and ended on a strong note today, tracking firm global cues.

Investors took relief from the news that Democrats in the US House of Representatives are working on a US$ 2.2 trillion coronavirus package that could be voted on next week. If that attempt to pass the bill is successful, it can give a massive boost to the economy and the world markets.

Sentiment also got a boost after reports stated that the Narendra Modi government is just weeks away from announcing another round of stimulus measures aimed at creating jobs and pushing demand, as it looks to turn around India's ailing economy which saw its steepest ever contraction in April-June.

At the closing bell, the BSE Sensex stood higher by 835 points (up 2.3%).

The NSE Nifty closed higher by 245 points (up 2.3%).

HCL Technologies and Bajaj Finserv were among the top gainers today.

The SGX Nifty was trading at 11,037, up by 231 points, at the time of writing.

The BSE Mid Cap index ended up by 2.9%.

The BSE Small Cap index ended up by 2.3%.

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

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng ended down by 0.3% while the Nikkei ended up by 0.5%.

US stock futures are trading lower, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 34 points (down 0.3%), while Dow Futures are trading down by 79 points (down 0.3%).

Moving on, the rupee is trading at 73.61 against the US$.

Gold prices are trading down by 0.5% at Rs 49,679 per 10 grams.

Domestic gold prices eased today as doubts over the yellow metal's festive demand continued to outweigh other factors, including an uncertain global economic outlook and rising unemployment.

Gold has been under pressure this week as the US dollar is being seen as the preferred safe-haven asset amid renewed risk aversion in global financial markets.

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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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