Equity indices in the green, banking and metal stocks shine
Jun 16, 2020
Mumbai (Maharashtra) [India], June 16 : Equity benchmark indices rose during early hours on Tuesday tracking positive cues from other Asian markets and overnight gains in the United States and Europe.
The US Federal Reserve's corporate bond buying programme a day earlier boosted hopes of liquidity in domestic markets and outweighed fears of a resurgence in coronavirus cases worldwide.
At 10:15 am, the BSE S&P Sensex was up by 609 points or 1.83 per cent at 33,837 while the Nifty 50 edged higher by 159 points or 1.62 per cent at 9,972.
All sectoral indices at the National Stock Exchange were in the positive zone with Nifty metal and private bank gaining by 2.8 per cent each, PSU bank by 2.2 per cent, financial service by 3.1 per cent and realty by 2.5 per cent.
Among stocks, metal major JSW Steel rose by 4.5 per cent to Rs 192 per share while Tata Steel rose by 4.4 per cent to Rs 319.70 per share and Hindalco by 3.2 per cent.
Private lenders also witnessed heavy buying with ICICI Bank gaining by 3.8 per cent, HDFC Bank by 3 per cent and Kotak Mahindra Bank by 2.4 per cent. Home loan lender was up by 3.9 per cent, Bajaj Finance by 2.7 per cent and IT major Infosys by 2.2 per cent.
However, Bharti Infratel, Tata Motors, GAIL and Tech Mahindra traded with a negative bias and thin margins.
Meanwhile, Asian stocks moved higher after the Fed tweaked its bond-buying programme to support financial markets through the coronavirus pandemic. MSCI's broadest index of Asia Pacific shares outside Japan rose by 2.2 per cent, its biggest one-day gain since June 1.
Shares in China rose by 1.2 per cent while Japan's Nikkei jumped by 3.66 per cent and Hong Kong's Hang Seng index by 2.95 per cent. South Korea's Kospi too spurted by 4.13 per cent.
