Financial stocks zoom: Sensex rallies over 900 points, Nifty surges to 9,823-level; ICICI Bank, RIL, HDFC among top gainers

The Sensex rallied over 900 points in early trade on Monday, driven by gains in HDFC twins, ICICI Bank and Reliance Industries amid firm cues from global markets.

FP Staff June 01, 2020 11:01:13 IST
Financial stocks zoom: Sensex rallies over 900 points, Nifty surges to 9,823-level; ICICI Bank, RIL, HDFC among top gainers

Financial stocks led shares higher on the stock markets on Monday, as the country geared up to further open its economy after a months-long lockdown to curb the spread of the novel coronavirus.

The Sensex rallied over 900 points in early trade on Monday, driven by gains in HDFC twins, ICICI Bank and Reliance Industries amid firm cues from global markets. After touching a high of 33,334.96 in opening session, the 30-share index was trading 859.14 points or 2.65 percent higher at 33,283.24.

Similarly, NSE Nifty surged 242.50 points or 2.53 percent to 9,822.80. The Nifty 50 rose nearly 6 percent over the previous week led by a rally in beaten-down banking stocks. The Nifty bank index rose 3.9 percent, while the financial index 3.6 percent.

Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments, said: "The Nifty played its role handsomely! it opened with a jubilant gap up above 9700 and achieved 9800 in no time! We should now be trading for 9950-10,000 levels. The new support range for this market would be 9,450-9,500."

Axis Bank was the top gainer in the Sensex pack, rising around 7 percent, followed by Tata Steel, Bajaj Finance, IndusInd Bank, SBI, ICICI Bank and HDFC twins. On the other hand, Sun Pharma was the sole laggard.

In the previous session, the BSE barometer finished at 32,424.10, up 223.51 points or 0.69 percent, while Nifty advanced 90.20 points or 0.95 percent to close at 9,580.30.

On a net basis, foreign portfolio investors bought equities worth Rs 1,460.71 crore in the capital market on Friday, provisional exchange data showed.

Domestic investors tracked positive sentiment in the global market as gradual re-opening of businesses world over fuelled hopes of economic recovery.

The home ministry on Saturday said 'Unlock-1' will be initiated in India from 8 June under which the nationwide lockdown effectuated on 25 March will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places.

However, strict restrictions will remain in place till 30 June in containment zones.

The number of coronavirus cases in India crossed 1.90 lakh and the death toll climbed to 5,394, as per health ministry data.

Globally, the number of cases linked to the disease has crossed 61.66 lakh and the deceased tally stood around 3.72 lakh.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains.

Meanwhile, international oil benchmark Brent crude futures were trading 0.66 percent lower at $37.59 per barrel.

Rupee jumps 32 paise to 75.30 against US dollar in early trade

The rupee appreciated 32 paise to 75.30 against the US dollar in opening trade on Monday supported by the government''s reopening plan for the domestic economy. Forex traders said foreign fund inflows, weak American currency and positive opening of domestic equities also boosted investor confidence.

The rupee opened at 75.32 at the interbank forex market and then gained further ground to touch 75.30, up 32 paise over its last close. It had settled at 75.62 against the US dollar on Friday.

Reliance Securities in a report said Asian currencies have more or less started with gains against the US gollar supported by less severe response from US President Donald Trump.

The dollar index, which gauges the greenback''s strength against a basket of six currencies, fell by 0.33 per cent to 98.02.

Meanwhile, India's GDP growth tumbled to 3.1 percent in the March quarter -- the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2 percent, the slowest in 11 years

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