Mumbai, July 20 : Though there was a record single-day rise in Coronavirus cases in India, quarterly results of Corporates were more than expected luring investors to rely upon them even as Financials and IT stocks extended gains after good performance in June Quarterly results.
Benchmark Sensex rose 399 points to close at 37,491 while Nifty went up 121 points to end at 11,022.
Private lender HDFC Bank was the top contributor to Sensex’s gains as it advanced 3.06 per cent. ICICI Bank and Bajaj Finance gained 2.54 per cent and 5.23 per cent respectively.
Infosys rose 3.27 per cent while HCL Technologies gained 4.01 per cent. BSE Midcap and Smallcap indices rose 0.91 per cent and 1.04 per cent respectively.
BSE IT was the top sectoral gainer as it went up 2.30 per cent. This was followed by BSE Teck which advanced 2.17 per cent. BSE Healthcare was the biggest sectoral loser down by 0.66 per cent. ACC climbed 1.09 per cent ahead of its June Quarter results.
Telecom Major Vodafone Idea pared most of the gains to settle 1.80 per cent higher in volatile trade following its hearing on adjusted gross revenue (AGR) case in the Supreme Court.
YES Bank shed 1.77 per cent as its Rs 15,000 crore follow-on public offer was not fully subscribed although it managed to sail through last week.
Based on good June Quarter results, Mahindra & Mahindra Financial services went ahead 10.44 per cent.
Glenmark Pharmaceuticals dropped 2.59 per cent after reports that the Indian Regulator had sent a notice to the company on overpricing and false claims of its generic version of Favipiravir, Fabiflu.
India reported the biggest single day spike of 40,425 Coronavirus cases indicating fast spread of the virus in the country. The death toll due to Coronavirus shot up to 27,497 after 681 fresh fatalities were reported in the last 24 hours.
Experts said investors may be cautious in their deals and may look for rise in Coronavirus cases, direction of Global Markets, Progress on Vaccines in India and abroad and June Quarter Corporate earnings.
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