Home Business Sensex Ends 223 Points Higher As Markets Break 2-Day Fall

Sensex Ends 223 Points Higher As Markets Break 2-Day Fall

Domestic stock markets ended a choppy session on Thursday with mild gains, following two days of losses, on the back of gains in financial stocks, as sentiment improved after daily coronavirus death tolls in some European countries fell. The S&P BSE Sensex index moved in a range of 784.03 points during the session, climbing up to as high as 30,800.20 in afternoon deals, having declined to 30,016.17 at the weakest level in the first half of the day. The broader NSE Nifty 50 benchmark rose to an intraday high of 9,053.75, having dipped to as low as 8,821.90 earlier. 

The Sensex ended 222.80 points – or 0.73 percent – higher at 30,602.61, and the Nifty settled at 9,017.10, up 91.80 points – or 1.03 per cent – from the previous close. Both the indices had fallen as much as 1.2 percent earlier in the session.

Leading world stocks higher, the pan-European STOXX 600 index rose over 1 percent in early trade, spurred by a drop in the virus death tolls in both Spain and Italy.

The Nifty 50 has rebounded around 20 per cent from multi-year lows hit in March.

But Goldman Sachs warned it does not see a “sustainable recovery rally” in the Nifty. “We lower India to market weight within Asia on delayed recovery and extended valuations with a Nifty target of 9,600 by June 2021,” Goldman said.

Already reeling from a slowdown in economic growth, the government earlier this week extended a lockdown to curb the spread of the virus, which has infected 12,380 in the country, including 414 deaths.

On Thursday, ICICI Bank rose 4.4 percent and was the biggest boost to the indices, while larger rival HDFC Bank rose 1.9 percent.

But IT shares took a beating after Wipro flagged a hit from the COVID-19 pandemic, with Infosys closing 2.4 percent lower.

Wipro, however, reversed early losses to close up 0.7 percent.

Tata Consultancy Services (TCS) closed down 1.1 percent ahead of its quarterly results.

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