Sensex gains 465 points, RIL touches new high

Source :IANS
Author :IANS
Last Updated: Tue, Jul 7th, 2020, 09:06:28hrs
Sensex

Mumbai: Indian stock market surged on Monday, with the BSE sensex gaining 465 points, tracking a positive trend in the Asian markets.

Healthy buying in auto, metal, capital goods, finance and banking stocks supported the indices.

Surge in index heavyweight Reliance Industries (RIL) also lifted the market. The bull run in RIL shares continued on Monday as it hit a new high of Rs 1,858 per share on the BSE. It closed at Rs 1,851.40, higher by Rs 63.90 or 3.57 per cent from its previous close. Its market capitalisation crossed Rs 11.73 lakh crore.

Rahul Sharma, Market Strategist and Research Head at Equity99 Advisors said, strong buying in Reliance Industries boosted traders' sentiments during the session. Select FMCG, health and pharma stocks also remained in the limelight, he said.

"Despite the concern of 20-25 per cent drop in Nifty-50 earnings, traders' sentiments on the markets improved due to a host of factors such as unlock process, improvement in economic activity, good Rabi season, strong June auto sales numbers and over Rs 26,000 crore FPI inflows," Sharma added.

Ruchit Jain, Senior Analyst - Technical and Derivatives at Angel Broking was of the view that 10,700-10,630 would be the immediate support levels.

"Also, it is advisable not to carry heavy positions overnight till we surpass the immediate hurdle of 11,000," Jain said.

On Monday, Nifty50 on the National Stock Exchange closed at 10,763.65, higher by 156.30 points or 1.47 per cent from its previous close of 10,607.35 points.

Sensex closed at 36,487.28, higher by 465.86 points or 1.29 per cent from the previous close of 36,021.42.

It had opened at 36,313.46 and touched an intra-day high of 36,661.66 and a low of 36,254.02 points.