Sensex, Nifty Off Day's Highs After Hitting 5-Month Highs

Andrew Cummings
August 11, 2020

There was some mild profit taking by investors in late session, which took off some of the gains.

Among the benchmark indices, the S&P BSE Sensex rose 250 points to 38,280 levels and the Nifty50 index hovered around the 11,300 mark. Australian ASX 200 rose 0.54 in early trading while Japan's Nikkei rose 1.3 per cent and Hong Kong's Hang Seng index gained 1.6 per cent.

The Indian benchmark equity indices, Sensex and Nifty ended half a percent higher on Monday led by gains in pharma, IT and financial stocks.

"The rally was in sync with positive global cues, on the back of expected stimulus from the United States, improving economic data points from China and the first coronavirus vaccine getting registered in Russian Federation", said Vinod Nair, Head of Research, Geojit Financial Services. This helped defence stocks gain significantly on Monday.

The gainers were M& M by 5.57 pc to Rs 634.05, L& T by 4.73 pc to Rs 959, Sun Pharma by 2.36 pc to Rs 538.30, Kotak Bank by 2.04 pc to Rs 1369.45 and SBI by 1.97 pc to Rs 194.40.

In scrips, M & M, L & T, NTPC and Tech Mahindra moved up while selling in Maruti Suzuki, Reliance Industries, Bajaj Finance, Bajaj Finserv and Ultracemco capped from further gains, broker informed.

FII and DII data: Provisional data shows that Foreign Institutional Investors pumped in Rs 302 crore into domestic equities on Monday while Domestic Institutional Investors pulled out Rs 504 crore.

On the flipside, Titan Company shares fell as much as 5.2 per cent to hit an intraday low of Rs 1,050.20 on the BSE after the company reported loss of Rs 270 crore in quarter ended June 30 as against profit of Rs 371 crore during the same quarter previous year. The bank plans to raise up to Rs 15,000 crore to support business growth and create a buffer to absorb any shock from the economic disruption caused by the coronavirus pandemic.

Titan Company shares fell as much as 5.2% on reporting loss of Rs 270 crore in Q1.

Bank of Baroda posted a net loss of Rs 864 crore in the June quarter against net profit of Rs 710 crore in the year-ago quarter due to rise in provisions for standard assets, including those under moratorium and government-guaranteed loans.

On the NSE, it plunged 3.55 per cent to Rs 1,068.05. Thus his net investment stood at Rs 8,327 crore.

Other reports by iNewsToday