Sensex gains 879 pts as lockdown measures ease, Nifty PSU Bank jumps 7.6%
All that happened in the markets today
 "Options trading gathers steam in Q2; share of cash in average volumes falls")
On the NSE, Nifty settled at 9,826, up 246 points or 2.57 per cent.
The bulls continued their upward march on Monday, buoyed by the phased re-opening of the economy post an over two-month lockdown to contain the spread of Covid-19 pandemic. Buying was witnessed across-the-board with PSU bank stocks leading the pack.
The S&P BSE Sensex rallied 879 points or 2.71 per cent to 33,303.52 levels, with 25 of 30 constituents advancing and 5 declining. Bajaj Finance (up over 10 per cent) emerged as the top gainer on the index while Sun Pharma (down 2 per cent) was the biggest loser.
On the NSE, Nifty settled at 9,826, up 246 points or 2.57 per cent. Volatility index, India VIX, gained over 1 per cent to 30.56 levels.
Sectorally, Nifty PSU Bank index climbed 86 points or 7.6 per cent to 1,215.40 levels while Nifty Bank rallied nearly 3.5 per cent to 19,960 points.
As many as 24 securities, including Adani Green Energy, Bayer Cropscience, Divi's Lab, and Cipla hit their fresh 52-week highs on the NSE. On the other hand, 15 securities hit 52-week low.
In the broader market, the S&P BSE SmallCap index gained over 3 per cent to 11,223 while the S&P BSE MidCap index surged 2.65 points to 12,157 levels.
Among individual stocks, Biocon hit a record high of Rs 389.85 on the BSE during the day after after its partner Mylan received a favourable ruling from US Patent and Trademark Appeal Board (PTAB) on Sanofi’s four device patents for Lantus SoloSTAR. The stock surpassed its previous high of Rs 368 touched on April 20, 2020. The stock ended at Rs 385.65, up nearly 9 per cent.
Shares of consumer durable companies gained during the session. Voltas ended nearly 12.5 per cent higher at Rs 539.75 on the BSE after it reported encouraging numbers for March quarter. Global brokerage firm Credit Suisse has maintained an 'outperform' rating on the stock with the target price of Rs 650. READ MORE
Shares of IDBI Bank hit 20 per cent upper circuit at Rs 24.35 apiece on the BSE after the bank reported profit in the March quarter of FY20 (Q4FY20) after reporting losses for 13 straight quarters. READ MORE
Global markets
Sectorally, Nifty PSU Bank index climbed 86 points or 7.6 per cent to 1,215.40 levels while Nifty Bank rallied nearly 3.5 per cent to 19,960 points.
As many as 24 securities, including Adani Green Energy, Bayer Cropscience, Divi's Lab, and Cipla hit their fresh 52-week highs on the NSE. On the other hand, 15 securities hit 52-week low.
In the broader market, the S&P BSE SmallCap index gained over 3 per cent to 11,223 while the S&P BSE MidCap index surged 2.65 points to 12,157 levels.
Among individual stocks, Biocon hit a record high of Rs 389.85 on the BSE during the day after after its partner Mylan received a favourable ruling from US Patent and Trademark Appeal Board (PTAB) on Sanofi’s four device patents for Lantus SoloSTAR. The stock surpassed its previous high of Rs 368 touched on April 20, 2020. The stock ended at Rs 385.65, up nearly 9 per cent.
Shares of consumer durable companies gained during the session. Voltas ended nearly 12.5 per cent higher at Rs 539.75 on the BSE after it reported encouraging numbers for March quarter. Global brokerage firm Credit Suisse has maintained an 'outperform' rating on the stock with the target price of Rs 650. READ MORE
Shares of IDBI Bank hit 20 per cent upper circuit at Rs 24.35 apiece on the BSE after the bank reported profit in the March quarter of FY20 (Q4FY20) after reporting losses for 13 straight quarters. READ MORE
Global markets
World stocks were just shy of three-month highs and the dollar weakened further on Monday as optimism on economies opening up boosted risk appetite, shrugging off worries over riots in the US and unease over Washington’s power struggle with Beijing.
In Asia, stocks closed higher led by China on signs parts of the domestic economy were picking up. Hong Kong managed to rally 3.6 per cent, while Chinese blue chips put on 2.4 per cent.
European stocks opened 1 per cent higher led by virus-hit sectors such as travel & leisure, banks and miners but volumes were subdued as Germany, Switzerland and Austria were closed for holidays.
In commodities, oil prices were little changed, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.
(With inputs from Reuters)
4:07 PM
MARKET COMMENT:: Vinod Nair- Head of Research- Geojit Financial Services
Markets ended positive, in sync with global cues, after relief over the opening up of the economy with some restrictions. All major sectoral indices were positive, with the banking index leading the gains. The positive sentiment is being driven by hope of situation getting back to normalcy, aided by the steady opening up of the economy and further stimulus measures to boost demand. Economic data coming in over the next 2 days may have an impact.
3:44 PM
SECTOR WATCH | All sectoral indices on the NSE end in the green
3:43 PM
MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex rallied 879 points or 2.71 per cent to 33,303.52 levels and the Nifty50 ended at 9,826, up 246 points or 2.57 per cent.
3:24 PM
Biocon rallies 6%, hits record high on favourable ruling from US PTAB
Shares of Biocon rallied 6 per cent to hit a record high of Rs 377 on the BSE on Monday after its partner Mylan received a favourable ruling from US Patent and Trademark Appeal Board (PTAB) on Sanofi’s four device patents for Lantus SoloSTAR. The stock surpassed its previous high of Rs 368 touched on April 20, 2020. READ MORE
3:16 PM
NEWS ALERT :: MCX restores trading timings of international agri commodities to 9.00 pm
>> New timings will be effective from tomorrow, June 2.
>> Says, there will be no change in timings for other commodities
>> Says, there will be no change in timings for other commodities
3:12 PM
Ultratech Cement dips over 3% from day's high
3:10 PM
MARKET UPDATE :: Shoppers Stop, IDBI Bank are among 368 stocks that were locked in upper circuit on the BSE today
>> Others notable names include Canara Bank, HEG, KEI Industries, Adani Green Energy and Balrampur Chini Mills
3:07 PM
NEWS ALERT :: Cabinet briefing has been rescheduled at 4 pm
3:06 PM
NEWS ALERT
3:05 PM
NEWS ALERT
3:00 PM
NEWS ALERT :: Max India sets June 15 as record date after NCL approves demerger
2:53 PM
Internet speed to power: Weekly indicators show economy is picking up
The Indian Railways carried more goods and the internet speed held up—early signs about how an economy is doing. Business Standard tracks indicators because they appear with greater frequency than regular macroeconomic numbers like Gross Domestic Product (GDP) or trade data. READ MORE
2:47 PM
MARKET UPDATE | Nifty PSU Bank index jumps 7.62%
2:41 PM
NEWS ALERT :: Expect monsoon rain to be 102% of Long Term Average, says MeT Dept
>> Expect normal monsoon this year
>> 5% chance of deficient monsoon rains this year, 25% chance of above-normal rains
(As reported by CNBC TV18)
>> 5% chance of deficient monsoon rains this year, 25% chance of above-normal rains
(As reported by CNBC TV18)
Topics : Coronavirus Markets MARKET WRAP GDP
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First Published: Jun 01 2020 | 7:40 AM IST
