Sensex climbs 500 points, Nifty reclaims 11,200

Marco Green
September 28, 2020

Friday was a blockbuster day for the Indian stock markets as both the key benchmark indices gained over 2 per cent and registered their highest single-day gain almost in over three months.

The bulls are likely to continue their action from where they left on Friday as SGX Nifty is indicating a blistering start for the markets. The Nifty of the National Stock Exchange (NSE) too rose by 120 pts to 11,170.45.

The public sector bank index gained 2% and the banking index rose 1.8% after a report said that the finance ministry may provide capital support to some public sector banks in the third quarter.

In global markets, MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6%.

Technology stocks again rode to Wall Street's rescue on Friday, lifting the main indexes more than 1 per cent, but the Dow and the S&P 500 still posted their longest weekly losing streaks in a year as fears of a slowing economy sparked an nearly month-long rout. Nasdaq spiked 2.3 per cent and outperformed its counterparts while S&P 500 and Dow gained 1.6 and 1.3 per cent, respectively.

Meanwhile, oil prices dipped again on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with crude on track for its first monthly fall in many months after slipping last week.

Meanwhile, worldwide oil benchmark Brent crude was trading 0.66 per cent lower at Dollars 42.13 per barrel.

At 11:39 AM, the Sensex was up 507.68 points or 1.36% at 37896.34, and the Nifty was up 150.60 points or 1.36% at 11200.90.

Other reports by Click Lancashire

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