Sensex Up Over 250 Points As Financials, Information Technology Stocks Lead Gains Amid Covid19 Coronavirus Pandemic – Digitalmunition




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Published on May 27th, 2020 📆 | 2803 Views ⚑

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Sensex Up Over 250 Points As Financials, Information Technology Stocks Lead Gains Amid Covid19 Coronavirus Pandemic

Sensex Up Over 250 Points As Financials, Information Technology Stocks Lead Gains

The broader markets, however, were underperforming the benchmark indices at the time.

The benchmark indices maintained their momentum in mid-day trading on Wednesday, following two days of decline. The S&P BSE Sensex index opened 183.81 points higher at 30,793.11, and the broader NSE Nifty 50 benchmark started the day at 9,082.20, up 53.15 points compared to its previous close. At 11:53 am, the BSE Sensex was at 30,856.30, higher by 246.71 points or 0.8 per cent and the NSE Nifty was at 9,103.95, up 75.28 points or 0.8 per cent.

The broader markets, however, were underperforming the benchmark indices, with the BSE Midcap and Smallcap indices edging higher by a mere 6 points each at 11,411.41 and 10,595.13 respectively.

Meanwhile, the rupee slipped 8 paise to 75.74 against the US dollar after opening at almost the same level, 

Financial stocks were witnessing buying interest on the BSE. Axis Bank, ICICI Bank, Bajaj Finance and HDFC Bank gaining between 1.6 and 4.7 per cent each. Information technology stocks were also in the limelight, with Infosys and TCS gaining more than 1 per cent each.

On the other hand, M&M, Titan, ITC and Maruti Suzuki lost 0.7-1.6 per cent each on the BSE. 

Among stocks in the news, Biocon shares were trading lower by 0.8 per cent at Rs 356 on the BSE despite the news that Biocon’ subsidiary Biocon Biologics received approval from the Drugs Controller General of India (DCGI) for the use of extracorporeal blood purification (EBP) device CytoSorb in treatment of COVID-19 patients. 

The BSE market breadth favoured the bull, with 1,007 advancing stocks as against 917 declines out of a total of 2051 traded stocks.

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