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Sensex rises 273 points; Nifty gains 83 points amid positive cues
The domestic stocks markets recovered from the sharp correction of Monday and the bulls managed to hold their ground in today’s session
The domestic stocks markets recovered from the sharp correction of Monday and the bulls managed to hold their ground in today's session. The markets ended with significant gains of around 0.7 per cent on Tuesday, September 1, 2020, amid positive global cues.
The Supreme Court's verdict on the AGR matter allowing telecom operators 10 years timeline to pay the dues boosted the sentiments of the investors. The barometer index, the S&P BSE Sensex rose 272.51 points or 0.71 per cent to close at 38,900.80. It opened up higher at 38,754 and touched the intraday high of 39,226.82 and low of 38,542.11.
The Nifty 50 index added 82.75 points or 0.73 per cent to settle at 11,470.25. It opened higher at 11,464.30 and touched the intraday high of 11,553.55 and low of 11,366.90. At the broader market at BSE, the Mid-cap gained 1.16 per cent while Small-cap added 0.54 per cent.
35 shares advanced on the Nifty 50 block while 15 shares fell. Bharti Airtel (up 7.11 per cent) was the best performing stock of the Nifty due to AGR verdict. It was followed by JSW Steel (up 6.41 per cent), Hindalco (up 5.26 per cent), Asian Paints (up 4.30 per cent), Bajaj Finance (up 4.28 per cent), NTPC (up 4.25 per cent), Tata Steel (up 4.10 per cent), Cipla (up 3.71 per cent) and SBI (up 3.81 per cent). On the other hand, Bharti Infratel (down 5.11 per cent) was the worst-performing stock of the Nifty. It was followed by ONGC, AXIS Bank, Adani Ports, Infosys and Tech Mahindra.
Advances and declines are evenly poised clearly reflecting the strong tussle between the bears and the bulls at the present levels. The sharp contraction in Q1 GDP figures of 23.9 per cent, which was below expectations, is something investors are coming to terms with. Most of the Asian markets have also been able to close in green which too was supportive for the markets.