Markets open on positive note, Sensex up 140 points
The Nifty had suffered three sessions of losses due to disappointment over India’s economic package to support businesses hit by the Covid-19 pandemic.Updated: May 21, 2020 09:31 IST
The markets in India opened on a positive note on Thursday, with Sensex gaining more than 140 points and Nifty gaining 41 points.
At the time of opening on Thursday morning, the Sensex was at 30,959.53 and Nifty was at 9,108.
The markets rose for a second straight day on Wednesday spurred by strong corporate earnings and a rise in banking stocks and Reliance Industries.
The S&P BSE Sensex climbed 2.1 per cent, the most since April 30, to close at 30,818.61 in Mumbai, while the NSE Nifty 50 Index rose by a similar magnitude to reach 9,066.55.
The Nifty had suffered three sessions of losses due to disappointment over India’s economic package to support businesses hit by the Covid-19 pandemic.
Foreign institutional investors were the main buyers on Wednesday.
Shares in financial services firm Bajaj Finance Ltd, drugmaker Dr. Reddy’s Labs and cement producer UltraTech Cement Ltd rose between 2.6% and 5.7% after their March-quarter financial results.
Shares in Reliance Industries Ltd rose 1.8% as the oil-to-telecoms conglomerate’s rights issue began on Wednesday.
The rupee fell 0.2 per cent to 75.7975 per dollar, while the yield on most-traded 2029 bonds was little changed at 6.04 per cent.
Sensex had closed 167 points higher at 30,196 and Nifty ended 55 points higher at 8,879 on Tuesday.