Sensex continues gaining streak for third consecutive session

Extending their gains for the third consecutive day in this week, Indian benchmark indices rose higher with Sensex, gaining by 1.89 per cent or 605.64 points to the level of 32,720.16 while, Nifty closed up by 1.84 per cent which is 172.45 points to reach the level of 9,553.35. Technically, Nifty was seen giving a major resistance breakout of 9,500 level as it made an intraday high at the level of 9,598.85 which eventually indicates the strengthening of the index.

The week has seen withdrawal of lockdowns by various economies globally on a broader level with their respective governments putting in efforts to resume the business operations that were halted due to the threat of Coronavirus spreading. As April 30 will be the last trading day of the month for Indian indices, the domestic stocks would heavily depend on US indices for any global cues as US Federal Reserve is set to deliver its latest policy decisions. Despite the risks prevalent in the markets, WTI Crude gained by 15.15 per cent and was trading at USD 14.21 per barrel. Global indices remained cautious as Shanghai gained by 0.44 per cent, Nikkei fell by 0.061 per cent while, KOSPI closed up by 0.70 per cent. European indices opened the day on a positive note as FTSE 100 and DAX were trading up by 0.69 per cent and 0.18 per cent, respectively.

Financial, Metal and IT stocks were seen gaining in Sensex basket. HDFC twins gained with HDFC gaining by 7.07 per cent and HDFC Bank gaining by 4.87 per cent. HCL Technologies rose by 4.11 per cent, M&M was up by 3.73per cent, SBI rose by 3.09 per cent, Infosys was up by 2.52 per cent, TCS gained by 2.46 per cent, ONGC was up by 1.95 per cent, etc.

Sensex losers included NTPC which fell by 0.11 per cent, RIL fell by 0.13 per cent, Nestle India dropped by 0.41 per cent, Titan fell by 0.83 per cent, HUL fell by 2.55 per cent and Asian Paints closed down by 3.08 per cent. The biggest loser in Sensex basket was Axis Bank as it fell by 3.67 per cent post a negative commentary and future outlook during the announcement of its Q4FY20 results.

Best performers among the sectoral indices were Metal, Finance and IT as they reported gains by 3.92 per cent, 3.19 per cent and 2.37 per cent, respectively.