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S&P BSE Sensex and NSE Nifty 50 indexes rose for the third day

The S&P BSE Sensex and NSE Nifty 50 indexes rose for the third day in a row on Friday led by gains in Reliance Industries, HDFC Bank, ICICI Bank, HDFC, Hindustan Unilever and Bajaj Finance. The benchmarks traded in a rangebound fashion for most part of the day. However, a late rally in banking stocks, led by HDFC Bank ahead of June quarter earnings due tomorrow, led to strong gains in the benchmarks in the last hour of trade. The Sensex rose as much as 654 points and Nifty 50 index moved above its important psychological of 10,900.

The Sensex ended 548 points or 1.5 per cent higher at 37,020 and Nifty climbed 162 points or 1.5 per cent to close at 10,902.

Investor sentiment has turned positive towards equities after a slew of strong corporate earnings, analysts said.

Meanwhile, coronavirus cases in the country crossed 10 lakh as of Friday morning, and the number of deaths rose above 25,000, according to government data.

All sector gauges, barring the Nifty IT index, compiled by the National Stock Exchange ended higher led by the Nifty Bank index’s nearly 2 per cent gain. Nifty PSU Bank, Private Bank, Metal, Auto and Financial Services indexes also rose over 1.5 per cent each.

Mid- and small-cap shares also witnessed buying interest as the Nifty Midcap 100 Nifty Smallcap 100 indexes also rose over a per cent each.

Bharat Petroleum was top Nifty gainer, the stock rose 12 per cent to close at Rs 443. ONGC, Bharti Infratel, GAIL India, Reliance Industries, HDFC Bank, Coal India, Titan and Bajaj Finance also rose between 3.4-5.8 per cent each.

On the flipside, Hindalco, Britannia Industries, Nestle India, TCS, Dr Reddy’s Labs, Infosys and HCL Technologies were among the notable losers.

The overall market breadth was positive as 1,648 shares closed higher while 995 closed lower on the BSE.

Source: https://www.ndtv.com/

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