Equity indices advance on lockdown relaxations, Nifty PSU bank up 7.6 pc
Jun 01, 2020
Mumbai (Maharashtra) [India], June 1 : Equity benchmark indices moved up 2.5 per cent on Monday buoyed by the government's relaxation of curbs on most economic activities even though the COVID-19 lockdown in containment zones was extended till June 30.
Besides, the weather office retained its forecast for normal monsoon this year at 102 per cent of long-period average -- which will translate into higher rural incomes and hence elevated consumption levels.
At the closing bell, the BSE S&P Sensex was up by 879 points or 2.71 per cent at 33,304 while the Nifty 50 was 246 points or 2.57 per cent higher at 9,826.
All sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank ticking up by 7.6 per cent, metal by 3.7 per cent, financial service by 3.3 per cent and auto by 3 per cent.
Among stocks, Bajaj Finance and Bajaj Finserv gained by 10.4 and 7.8 per cent respectively to emerge as clear winners of the day. Titan too gained handsomely with a jump of 7.7 per cent at Rs 958.50 per share.
Tata Steel moved up by 6.7 per cent and JSW Steel by 4.7 per cent while State Bank of India gained by 5.3 per cent and IndusInd Bank by 4.1 per cent.
Reliance Industries closed 3.7 per cent higher at Rs 1,520.45 per share. However, pharma majors Dr Reddy's, Cipla and Sun Pharma were in the red along with Bharti Infratel, Nestle India, Grasim and Hero MotoCorp.
Meanwhile, Asian shares pushed to three-month highs as progress on opening up economies helped offset jitters over riots in US cities and unease between Washington and Beijing.
Hong Kong's Hang Seng managed to rally 3.36 per cent while Japan's Nikkei added 0.84 per cent to also reach a three-month peak. South Korea's Kospi was up 1.75 per cent and Shanghai composite by 2.21 per cent.
