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    Strong Q1 results, relief on US-China tensions lift Sensex 340 points

    Synopsis

    In the 30-share pack Sensex, Axis Bank was the biggest gainer, up 2.75 per cent at Rs 442.80. It was followed by ICICI Bank, Tata Steel, L&T, PowerGrid and HDFC that gained in the range of 1-3 per cent.

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    Globally, Asian stock markets rose on relief that another round of Sino-U.S. sparring appears not to have spilled over into trade, while hopes for U.S. stimulus lent support to oil and commodity currencies.
    NEW DELHI: Better-than-expected quarterly numbers, hopes of a US stimulus package and some sense of relief in US-China tensions gave enough ammunition to the bulls to push benchmark indices further up in Tuesday's early trade despite Covid-19 showing no signs of waning.

    There was palpable relief that China's sanctions on 11 US citizens - a response to US sanctions on Chinese individuals over Beijing's crackdown in Hong Kong - seemed to shut off the latest round of tit-for-tat moves.

    At 09.30 am, BSE flagship Sensex was up 339 points or 0.89 per cent to 38,521 while NSE benchmark Nifty added 95 points or 0.85 per cent to 11,365. Bank, metal and financial services stocks were in demand while select pharma and consumer discretionary names were under pressure.

    In the 30-share pack Sensex, Axis Bank was the biggest gainer, up 2.75 per cent at Rs 442.80. It was followed by ICICI Bank, Tata Steel, L&T, PowerGrid and HDFC that gained in the range of 1-3 per cent.

    Titan, which reported an “unprecedented” loss for June quarter, was the biggest loser in the pack, down 2.92 per cent at Rs 1,075.40, followed by Sun Pharma which also saw profit booking after a steep jump in the previous session.
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    Broader market indices were faring in-line with their headline peers as Nifty Smallcap added 0.99 per cent while Nifty Midcap climbed 1.03 per cent. Broadest index on NSE, Nifty 500 was up 0.94 per cent.

    Barring Nifty pharma that fell 0.19 per cent, all sectoral indices on NSE were trading with gains. Nifty Metal was the biggest gainer, up 2.75 per cent, followed by Nifty Financial Service and Nifty Bank that added more than a per cent each.

    Globally, Asian stock markets rose on relief that another round of Sino-U.S. sparring appears not to have spilled over into trade, while hopes for U.S. stimulus lent support to oil and commodity currencies.

    MSCI's broadest index of Asia-Pacific shares outside Japan was last up 1 per cent. Japan's Nikkei returned from a holiday with a 1.7 per cent gain led by healthcare and industrial stocks and the Hang Seng bounced 2.2 per cent.

    The risk-sensitive Australian and New Zealand dollars each lifted about 0.3 per cent, although they sit comfortably below recent milestone peaks as some trepidation muted their rise.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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