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Equity market rises for 3rd day, Sensex settles above 36,000
Mumbai, July 3, 2020
The Indian stock market rose for the third straight day on Friday with the BSE Sensex closing above the psychological mark of 36,000 points.
Positive global cues supported the Indian indices during the day, analysts said.
Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors, said: "Markets settled at a four-month high today on positive clues from Asian and European markets on hopes of a global economic rebound."
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, noted that global sentiments continue to be buoyant on the back of more positive economic data from the US and China which bolstered hopes of a global economic rebound. China's services sector in June expanded at the fastest pace in over a decade, and US non-farm payrolls saw a better-than-expected jump.
"Market is factoring in positive macro-economic data, onset of timely monsoon and optimism over potential Covid vaccine emerging soon. However, concerns over rising coronavirus cases and chances of a second round of lockdown along with trade tensions between US-China continue to linger. Thus, despite the near term momentum being positive, traders should look at booking profits at regular intervals," he added.
On the technical front, Khemka said that Nifty has to hold above 10,500 to extend its move towards 10,800 while the support is placed at 10,450-10,330 levels.
The Nifty50 on the National Stock Exchange closed at 10,607.35, higher by 55.65 points or 0.53 per cent from the previous close of 10,551.70 points.
The BSE Sensex closed at 36,021.42, higher by 177.72 points or 0.50 per cent from its previous close of 35,843.70.
It had opened at 36,025.38 points and touched an intra-day high of 36,110.21 and a low of 35,872.38 points.
The top gainers on the Sensex were Bharti Airtel (up 4.05 per cent), Bajaj Auto (up 2.28 per cent) and TCS (1.88 per cent). The major losers were IndusInd Bank (down 1.50 per cent), Tata Steel (1.49 per cent) and HDFC Bank (1.42 per cent).