Nifty nears 10,000 as equities rise for 5th straight session

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SME Times News Bureau | 02 Jun, 2020
The Indian stock market logged its fifth consecutive session of gains on Tuesday as the Nifty50 on the National Stock Exchange ended near the 10,000 mark and the BSE Sensex surged over 500 points.

Healthy buying in banking and finance stocks lifted the indices. The S&P BSE Banking index closed 3.25 per cent higher and the BSE Finance index rose by 3.12 per cent.

Rahul Sharma, Head of Research, Equity99 Advisors, said: "Extending the rally for the fifth straight session today, markets gained on improving sentiments in the global markets as more and more countries are easing the lockdown restrictions."

Traders are using this rally to churn their portfolio and continue to look at bargain-hunting, he added.

Gains in the global markets also boosted the Indian indices, according to analysts. Deepak Jasani, Head of Retail Research at HDFC Securities, noted that major Asian markets closed on a positive note and European indices including the FTSE, DAX and CAC ended higher.

On the technical front, he said: "With the Nifty moving up further after breaking out of the highs of 9,179 last Wednesday, the bulls seem to be in control. Further upsides are likely in the near term once the immediate highs of 9,996 are taken out. Short term supports are now at 9,824."

On Tuesday, the Nifty ended at 9,979.10, higher by 152.95 points or 1.56 per cent from the previous close of 9,826.15 points.

The Sensex closed at 33,825.53, higher by 522.01 points or 1.57 per cent from the previous close of 33,303.52.

It had opened at 33,450.19 and touched an intra-day high of 33,866.63 and a low of 33,301.29 points.