Sensex and Nifty Gain Momentum: Bulls are Back

Sensex closed with a gain of 414.86 points at 31743.08 while Nifty surged by 127.90 points thus closing at 9282.30.

The market saw many ups and downs, 1286 stocks increased, 1076 shares declined, and around 180 shares remained the same. IndusInd Bank and Britannia were the top gainers in today’s market session. Bandhan Bank stocks also surged during the day but lost its gains around closing. 

RBI helped mutual fund stocks and asset management companies by providing INR 50,000 crores as a special liquidity facility for relaxation in liquidity after Franklin Templeton Mutual Fund Company took out 6 of its stocks from the Indian market.

Top Gainers: Sensex and NIFTY

Britannia saw a leap of around 7.02%, followed by IndusInd Bank with a surge in stock of 6.56%. Other gainers included Bajaj Finserv Ltd., Kotak Mahindra Bank and Axis Bank by 6.19%, 5.53% and 5.48% respectively.

Indian equity market saw a steep rise in its stocks as Asian market held firm. Mindtree stock saw a significant surge in today’s market and increased its value by around 9%. Experts suggest investing in Mindtree stocks as it provides promising results as compared to other mid-cap rivals.

Losers: Sensex and NIFTY

NTPC Ltd. was the most hit today dropping 1.12%. Other stocks like HDFC Bank, M&M, Dr Reddy’s and Bharti Airtel marked minimal losses of less than 1%.

Today Indian Equity market performed well, and the decision taken by RBI to introduce a special liquidity facility to reduce the stress and pressure due to COVID-19 for mutual funds helped the market stay in the green.

Crude Oil to Face Challenges

Crude oil prices fell today, indicating low hope for any revival. The main concern is the fast filling of storages worldwide. Also, the cut in oil production did not help with drop in demand due to the COVID-19 outbreak.

WTI futures traded at USD 14.30 already down by USD 1.22. Analysts suggest that inventory surging and low demand make investors, traders and producers lose all hope.

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