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Market Update: Sensex soars 748 points; Nifty 50 by 200 points in the closing session

04:09 PM Aug 04, 2020 | PTI

Domestic equity benchmark Sensex soared 748 points on Tuesday, led by massive buying in index majors Reliance Industries and HDFC Bank amid heavy foreign fund inflows and a positive trend in global equities.

The BSE Sensex settled 748.31 points or 2.03 per cent higher at 37,687.91, while the NSE Nifty rallied 203.65 points or 1.87 per cent to 11,095.25.

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Reliance Industries was the top gainer in the Sensex pack, surging around 7 per cent.

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HDFC Bank jumped nearly 4 per cent after the RBI approved the appointment of Sashidhar Jagdishan as Managing Director and CEO of the bank for a period of three years.

Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains.

On the other hand, Tech Mahindra, IndusInd Bank, HCL Tech, UltraTech Cement and Infosys were among the laggards.

According to traders, stock-specific action in index-heavyweights drove the markets higher. Further, strong foreign fund inflows and positive cues from global markets cheered investors.

Exchange data showed that foreign institutional investors purchased equities worth Rs 7,818.49 crore on a net basis on Monday.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains.

Stock exchanges in Europe were also trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 1.61 per cent lower at USD 43.44 per barrel.

In the forex market, the rupee settled 3 paise down at 75.04 against the US dollar.

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