Domestic benchmarks climbed to day's high, with Sensex and Nifty rising to 31,959 and 9,343, backed by strong overseas markets that rose amid a recovery in crude prices.

Global oil benchmark Brent crude futures bounced
back to green territory and traded 8.89% higher at $22.18 per barrel
Sensex and Nifty closed on
a bullish note on Thursday, amid positive cues from global counterparts that
rallied on oil prices rebounding from recently incurred losses.
While Sensex closed 483
points higher at 31,863, NSE 50-share index Nifty rose 126 points to
9,313.
ICICI Bank, Kotak Bank,
TCS, Infosys were among the top gainers. On the other hand, Titan, M&M,
Maruti, PowerGrid, Tech Mahindra and HDFC Bank were among the
laggards.
In sectoral terms, barring
FMCG and PSU Pharma, all other sectors closed in the green. IT gained 4%, while
banking and financials ended 2-3% higher.
Bucking the bullish trend,
European markets opened in red today, though CAC index recovered later to trade
marginally higher. Meanwhile, US DOW futures were trading lower since early
morning and fell 45 points or 0.21% lower at 23,209 by today's closing session.
SGX Nifty also ended at
1.5% or 140 points higher at 9,306. Except for Shanghai and Strait Times,
all the other Asian indices ended in the green. Asian stocks edged higher,
tracking gains on Wall Street, as investors took some comfort from earnings
reports and signs the coronavirus outbreak was easing, with oil prices
rebounding.
US stocks had closed higher
as a rally in US oil prices, better-than-expected US corporate earnings and
promise of more US government aid kept market sentiment positive. Investors
were optimistic over slowing of new virus cases, with death toll slowing down
in countries considered corona hotspots.
Earlier in the opening
session, markets opened flat, accompanying SGX Nifty overseas, although gained
momentum within few minutes of trade.
Domestic benchmarks climbed
to day's high, with Sensex and Nifty rising to 31,959 and 9,343, backed by
strong overseas markets that rose amid a recovery in crude prices.
Global oil benchmark Brent
crude futures bounced back to green territory and traded 8.89% higher at $22.18
per barrel.
Tracking rally in Asian
counterparts currencies and a positive trend in domestic equity indices, Rupee
gained 60 paise to close at 76.07 per dollar as against the last close at a
record low of 76.67 per US dollar.
Amid the lockdown-led
uncertainty, market regulator SEBI has relaxed buyback norms, where listed
companies can raise capital after 6 months. This has been reduced from the
earlier restriction of 1-year expiry of the buyback period, for companies to
not raise further capital.
Expressing views over
today's market trend, S Ranganathan, Head of Research at LKP
Securities said, "Market rose today led by Banking & IT
heavyweights. The relaxation in fundraising for corporates by SEBI due to the
Pandemic also lifted street sentiments today".
Commenting on Nifty's
technical outlook, Manav Chopra, CMT, Head Research -
Equity, Indiabulls Securities said,"Nifty was up by over a
hundred points and market breadth was on a positive side. Overall markets have
remained in a range between 8,900-9,400. We continue to remain contrarian bearish
and believe there is likely to be limited upside beyond 9,500 levels.the next
bigger move is likely to happen on the downside and we do expect a retest of
lows of 7,500 zone from a broader perspective. 8,850 remains key level on the
downside below which index is likely to weaken and resumption of downtrend
likely."
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