Equity indices on firm ground, IT stocks gain
Oct 05, 2020
Mumbai (Maharashtra) [India], October 5 : Equity benchmark indices traded firm during early hours on Monday with gains seen in Asian markets on hopes that US President Donald Trump could be discharged from hospital later in the day after responding well to COVID-19 treatment.
At 10:15 am, the BSE S&P Sensex was up by 424 points or 1.09 per cent at 39,121 while the Nifty 50 gained by 120 points or 1.06 per cent at 11,537.
Except for Nifty auto, all sectoral indices at the National Stock Exchange were in the green with Nifty IT moving up by 3 per cent, private bank by 2.3 per cent and metal by 2.1 per cent.
Among stocks, Wipro jumped by 5.5 per cent to Rs 330.25 per share, Tata Consultancy Services by 4.2 per cent, Infosys by 3 per cent, HCL Technologies by 2.1 per cent and Tech Mahindra by 1.6 per cent.
The other prominent gainers were Tata Steel, JSW Steel, IndusInd Bank, ICICI Bank and Axis Bank. However, Mahindra & Mahindra, GAIL, ONGC, Asian Paints, Cipla and Bharti Airtel traded with a negative bias.
Meanwhile, Asian stocks rose following hopes that US President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook global bourses in the previous session.
Trump was flown to a hospital for treatment for the coronavirus on Friday but his doctors say he has responded well and could return to the White House on Monday.
MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.63 per cent while Japan's Nikkei rose by 1.39 per cent. China's financial markets were closed for a public holiday.
