- RSS chief to be in Udaipur on June 8-9
- BRS govt's efforts led to sustainable, constant availability of water: MLC Kavitha
- Pak Army top brass vows to tighten noose around masterminds of May 9 'rebellion'
- Karnataka's free power scheme to cost Rs 13,000 crore annually
- Vadnagar Railway station gets a facelift
- Woman commits suicide in J&K after failing civil service exams
- Doing good for others is beneficial to children's emotional, physical health: Study
- 'Oppn meeting will be held on June 23 in Patna': JD-U leader
- 1 in every 7 cars sold now an EV, China's BYD dominate again
- Haryana CM Manohar Lal Khattar thanks PM Modi for MSP on crops
Markets continued its winning streak for the fifth day; Sensex up 0.77 pct & Nifty 50 rises 76 points
Continuing the winning streak, the benchmark indices advanced for a fifth trading session on Wednesday, October 7, 2020, led by Reliance Industries.
Continuing the winning streak, the benchmark indices advanced for a fifth trading session on Wednesday, October 7, 2020, led by Reliance Industries. The S&P BSE Sensex jumped 304.38 points, or 0.77 per cent, to end at 39,878.95. The Nifty 50 index rallied 76.45 points at 11,748.30, or 0.66 per cent, to 11,738.85. The Nifty Bank grew by 111.10 points, or 0.49 per cent, to close at 22,964.80.
Nifty has managed to hold above its earlier resistance zone of 11,600-11,650 which becomes an immediate level of support now, whereas the crucial resistance is seen around the 11,800-11,850 mark. Like earlier days of this week, Nifty Midcap 50 and Nifty Next 50 continued to underperform the Nifty by closing in the red.
Surprisingly, declines outnumbered advances in today's upmove, which one needs to bear in mind. On the Nifty 50 block, 26 shares advanced and 24 declined. The major gainers on the Nifty 50 include Titan (up 4.50 per cent), Bajaj Auto (up 3.63 per cent), Hero MotoCorp (up 2.86 per cent), Maruti (up 2.32 per cent) and Reliance (up 2.22 per cent). The losers were Bajaj Finance (down 4.07 per cent), BPCL (down 2.78 per cent), Hindalco (down 2.66 per cent), Tata Motors (down 2.49 per cent) and Power Grid (down 2.27 per cent).
India reported 907,883 active cases of Covid-19 infection and 104,555 deaths while 5,774,693 patients have been discharged, data showed. Total Covid-19 confirmed cases worldwide were at 35,731,494 with 1,048,714 deaths. TCS was up 0.28%.
US Federal Reserve Chairman Jerome Powell on Tuesday called for continued aggressive fiscal and monetary stimulus for an economic recovery he said still "has a long way to go." The US trade deficit rose in August to the highest level in 14 years. The Commerce Department reported on Tuesday that the gap between the goods and services the US sells and what it buys abroad climbed 5.9 per cent in August to $67.1 billion, highest since August 2006. Exports rose 2.2 per cent to $171.9 billion on a surge in shipments of soybeans. Imports rose 3.2 per cent to $239 billion led by purchases of crude oil, cars and auto parts.
The US treasury market also got some attention on Tuesday, with the yield on the 10-year note rising to its highest level since June in the morning. German manufacturers unexpectedly cut production, underlining the risks resurgent infections pose for the economic recovery. Industrial output declined 0.2 per cent in August following three consecutive gains. Economists had predicted an increase of 1.5 per cent. The Economy Ministry said the weakness was chiefly driven by a drop in auto manufacturing. A separate report on Tuesday showed factory orders improved for a fourth straight month.
Global cues were positive as Dow Futures and Nasdaq Futures were up by 0.56 per cent and 0.43 per cent respectively, while FTSE was flat.