Sensex Jumps Over 300 Points, Nifty Crosses 11,500 Amid Gains Across Sectors
Asian share markets firmed on renewed hopes for a coronavirus vaccine after AstraZeneca resumed its Phase 3 trial though sentiment was still cautious ahead of a big week of central bank meetings.
by Sandeep Singh (with inputs from agencies)
Domestic stock markets started the week on a positive note tracking gains across Asian equities on hopes of recovery from the damage caused by the coronavirus pandemic. The S&P BSE Sensex index opened 218.96 points - or 0.56 per cent - higher at 39,073.51, and the broader NSE Nifty 50 benchmark began the day at 11,540.15 in a gap-up opening from its previous close of 11,464.45. Gains across sectors, led by banking, financial services and IT stocks, supported the markets.
At 9:21 am, the Sensex traded 335.12 points - or 0.86 per cent - higher at 39,189.67, while the Nifty was up 81.75 points - or 0.71 per cent - at 11,546.20.
Top percentage gainers in the 50-scrip Nifty basket at the time were HCL Tech, Zee Entertainment, Adani Ports, State Bank of India and Tata Motors, trading between 1.25 per cent and 4.77 per cent higher.
On the other hand, Bharat Petroleum, Power Grid, Hindustan Unilever and Asian Paints, trading up to 0.94 per cent lower, were the only Nifty losers.
Reliance Industries, HDFC Bank, HDFC and HCL Tech were the top boosts to Sensex, together contributing more than 200 points to the gain in the index.
Overall market breadth was highly positive, with an advance-decline ratio of 4:1, as 1,386 shares on the BSE traded higher, compared to 303 that declined.
Analysts awaited official data on retail inflation due later in the day for more clarity on monetary policy going forward. The statistics office will release consumer inflation (Consumer Price Index) data for August at 5:30 pm.
Shares elsewhere in Asia moved higher cautiously on renewed hopes for a coronavirus vaccine after AstraZeneca resumed its Phase 3 trial though sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.89 per cent higher, poised for its second straight session of gains. Japan's Nikkei 225 nd China's Shanghai Composite indices were up 0.67 per cent and 0.56 per cent respectively.