Stock markets trade in green: Sensex rises 400 points, Nifty stays at one-month high in opening session; HDFC bank jumps 5.2%

The Sensex surged over 400 points in opening trade on Monday led by gains in index heavyweights HDFC twins and Infosys amid positive cues from global markets.

FP Staff April 20, 2020 10:35:38 IST
Stock markets trade in green: Sensex rises 400 points, Nifty stays at one-month high in opening session; HDFC bank jumps 5.2%

The markets opened in the green after being shut over the weekend. Shares rose on Monday, driven by top private-sector lender HDFC Bank Ltd on strong quarterly results, although losses in other banks and energy stocks amid rising cases of the novel coronavirus kept a lid on gains.

HDFC Bank rose as much as 5.2 percent after the lender on Saturday reported an 18 percent rise in quarterly profit and said it shortlisted three candidates for the post of chief executive officer.

Smaller peer Kotak Mahindra Bank Ltd jumped 2.9 percent on plans to raise capital, while IT firm Infosys Ltd rose 3.8 percent ahead of its quarterly results.

The Sensex surged over 400 points in opening trade on Monday led by gains in index heavyweights HDFC twins and Infosys amid positive cues from global markets.

After hitting a high of 32,056.47, the 30-share index pared some gains to trade 113.59 points or 0.36 per cent higher at 31,702.31.

Similarly, the NSE Nifty was quoting 32.60 points, or 0.35 percent, up at 9,299.35.

HDFC Bank was the top gainer in the Sensex pack, rallying over 4 per cent, after the lender posted a 15.4 per cent rise in consolidated net profit at Rs 7,280.22 crore for the March quarter on healthy interest income.

Infosys jumped over 3 percent ahead of its quarterly earnings, scheduled to be announced later in the day.

Stock markets trade in green Sensex rises 400 points Nifty stays at onemonth high in opening session HDFC bank jumps 52

Representative image. Reuters

Kotak Bank, HDFC, Tech Mahindra, HCL Tech and TCS were also trading in the green.

On the other hand, Axis Bank, PowerGrid, NTPC, IndusInd Bank and ITC were among the laggards.

In the previous session, the BSE barometer ended 986.11 points or 3.22 per cent higher at 31,588.72, while the Nifty zoomed 273.95 points, or 3.03 per cent, to finish at 9,266.75.

Foreign portfolio investors were net sellers in the capital market on Friday, as they offloaded equity shares worth Rs 1,391.98 crore, according to provisional exchange data.

According to traders, stock-specific action in index heavyweights kept benchmarks positive. Market sentiment was also tracking rise in most global peers.

Bourses in Shanghai, Hong Kong and Seoul were trading with gains in early deals, while Tokyo was in the red.

However, caution remained as concerns over COVID-19 kept investors jittery, traders said.

The death toll due to COVID-19 rose to 543, while the number of cases in the country climbed to 17,265.

Global tally of the infections has crossed 24 lakh, with over 1.65 lakh deaths.

Meanwhile, Brent crude futures, the global oil benchmark, rose 0.85 per cent to $27.84 per barrel.

Rupee slips

The rupee slipped 5 paise to 76.44 against US dollar in early trade.

Asia shares turn quietly cautious

Caution gripped Asian share markets on Monday on expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown, while a glut of supply sent U.S. crude spiraling to 20-year lows.

Japan reported its exports fell almost 12 percent in March from a year earlier, with shipments to the United States down over 16 percent. Early readings on April manufacturing globally are due on Thursday and are expected to show recession-like readings.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.2 percent in slow trade, with a pause needed after five straight weeks of gains. Japan's Nikkei fell 0.9 percent and Shanghai blue chips 2.4 percent even as China cut benchmark interest rates as widely expected.

E-Mini futures for the S&P 500 ESc1 slipped 0.2 percent, having jumped last week on hopes some US states would soon start to re-open their economies.

US President Donald Trump said Sunday that Republicans were “close” to getting a deal with Democrats on a support package for small business.

--With inputs from agencies

Updated Date:

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