Finance stocks, global cues lift Indian stock market

Indian stock markets,

Mumbai, (Samajweekly) The key Indian equity indices were back with a rally on Thursday, led by healthy buying in finance and banking stocks.

The S&P BSE Finance index closed 1.59 per cent and the Banking index rose 1.47 per cent.

Positive cues from the global markets also supported the domestic indices.

Rahul Sharma, Market Strategist & Research Head at Equity99 Advisors, said: “Renewed buying in Reliance Industries and financial stocks ahead of the April-June 2020 quarterly earnings helped the market to settle higher today.”

“Sentiments were boosted after Prime Minister Narendra Modi at India Global Week Summit said India was already seeing green shoots when it comes to economic recovery,” he said.

Sharma added that going forward, April-June 2020 quarterly earnings and cues from global markets would set the directions for the Indian market.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said that Indian equity followed the Asian markets as positive economic data from China boosted sentiments. A rise in Chinese iron ore futures and steel prices on the Shanghai Futures Exchange boosted metal stocks in India, he added.

On the outlook, Khemka said: “The near term momentum seems positive, however, we would suggest traders should be stock specific and look at booking profits at regular intervals.”

The BSE Sensex closed at 36,737.69, higher by 408.68 points or 1.12 per cent from its previous close of 36,329.01.

It had opened at 36,450.69 and touched an intra-day high of 36,806.30 and a low of 36,422.30 points.

The Nifty50 on the National Stock Exchange closed at 10,813.45, higher by 107.70 points or 1.01 per cent from its previous close.