Sensex, Nifty End Higher For Sixth Day, Close To Erasing 2020 Losses
Closing Bell: Gains Continue
Indian equity markets extended their longest winning streak in over a month to the sixth day, ending at the highest level in nearly eight months.
The S&P BSE Sensex ended 0.76% higher at 40,182 while the NSE Nifty 50 index ended 0.8% higher at 11,834. Both benchmark indices have gained in eight out of the last nine trading sessions. During this period, the Nifty has gained over 1,000 points while the Sensex has gained close to 2,800 points.
Both Sensex and Nifty are also close to erasing their losses for the year. The Nifty is 2.7% while the Sensex is 2.6% away from turning positive for 2020.
Sectoral indices cooled off from their respective day's high. The I.T. index, which was up as much as 5% during noon, ended with gains of 3.2%. Three out of the top five gainers on the Nifty 50 index were I.T. stocks. For most part of the session, the top five Nifty gainers were I.T. stocks.
What saw a late session surge was Pharma. Nifty Pharma ended with gains of 2.5% courtesy gains in Cipla and Sun Pharma.
The Nifty Bank ended 1% higher while other indices gained between 0.5%-1%. Nifty Media and Nifty FMCG were the sectoral laggards, ending with losses.
Broader markets underperformed the benchmarks for the second straight session. The Nifty midcap index ended little changed while the smallcap index ended lower by 0.2%.
India Volatility Index ended 1.6% higher at 20.38.
840 stocks on the NSE ended with gains while 997 posted losses.