Despite continuous rise in Coronavirus cases in the country, the mood in the markets turned upbeat late afternoon as Banks, financial services and metal \u00a0indices witnessed an upward surge coupled with announcement by RIL about its deal in Jio Platforms with a investment coming from Saudi Arabia wealth Fund.<\/p>\n
Another factor\u00a0that weighed the minds of investors were receding fears of impact on Indo-China trade relations.<\/p>\n
Experts said that India continued to remain fourth-most impacted country by Covid-19 and recorded a high figure of 12,881 new cases Thursday and this factor could impact the market in near future.<\/p>\n
The market sentiments were lifted high after Federation of Indian Export Organisations said that the ongoing India-China border tussle may not immediately affect the trade
\nrelations between the two neighbours.<\/p>\n
Sensex rose 2.09 per cent or 700 points to close at 34,208 while Nifty stepped up 2.13 per cent or 211 points to close at 10,992.<\/p>\n
Among the top gainers were Bajaj Finance (up by 5.46 per cent), Kotak Bank (up by 5.02 per cent), SBI (4.10 per cent upwards).<\/p>\n
Among the top Sensex losers were ONGC (down by 0.71 per cent), HUL low by 0.63 per cent and TCS (down by 0.52 per cent).<\/p>\n
Financials contributed the most to the Sensex\u2019s rally of 700 points. Top lender HDFC Bank rose 3.96 per cent while mortgage lender HDFC went up by 3.96 per cent. Kotak
\nMahindra Bank and ICICI Bank rose by 5.02 per cent and 2.88 per cent respectively.<\/p>\n
RIL rose 2.53 per cent as it announced after market hours investment in Jio worth Rs 11,387 crore for a 2.32 per cent stake by the Saudi Arabia\u2019s PIF sovereign Wealth Fund.
\nJio is a powerful platform and a wide user base was drawing investors to it. Since April, Jio platforms has raised Rs 1,15,693.95 crores from leading global investors including
\nFacebook, Silver Lake, Saudi Arabia\u2019s PIF, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.<\/p>\n
BSE Midcap and Smallcap Indices rallied 1.05 per cent and 1.48 per cent respectively.<\/p>\n
BSE Bankex was the top gainer as it moved ahead 3.81 per cent. BSE Finance Index also gained 3.55 per cent. However, BSE Telecom and BSE Healthcare Index closed 0.12 per
\ncent and 0.09 per cent lower.<\/p>\n
Gold Financier Muthoot Finance rallied 17.71 per cent after it reported a 51 per cent increase in consolidated net profit at Rs 3169 crore for the fiscal year 2020 when its Loan Assets
\nunder Management rose 22 per cent to Rs 46,871 crores.<\/p>\n
Telecom Major Vodafone dropped 0.91 per cent after it told the Supreme Court that it is not in a position to furnish bank guarantee as it was facing losses of over Rs one lakh crore.<\/p>\n
Meanwhile experts cautioned that record surge in Coronavirus cases in India were causing worries as the country\u2019s healthcare systems struggled to meet the needs. The experts further said the investors would closely watch the movement of global markets as well as local markets. Also further developments in Indo=China relations would be closely watched\u00a0in the coming days.<\/p>\n","protected":false},"excerpt":{"rendered":"
Despite continuous rise in Coronavirus cases in the country, the mood in the markets turned upbeat late afternoon as Banks, financial services and metal \u00a0indices witnessed an upward surge coupled with announcement by RIL about its deal in Jio Platforms with a investment coming from Saudi Arabia wealth Fund. Another factor\u00a0that weighed the minds of […]<\/p>\n","protected":false},"author":3,"featured_media":2252,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,5,31],"tags":[242,4216],"class_list":["post-6266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","category-markets","category-news","tag-bse-sensex","tag-covid"],"aioseo_notices":[],"yoast_head":"\n