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Opening Bell: Sensex opens 360 points higher, Nifty reclaims 11,600; banks, auto stocks drive rally

Opening Bell: Sensex opens 360 points higher, Nifty reclaims 11,600; banks, auto stocks drive rally

Opening Bell: Sensex opens 360 points higher, Nifty reclaims 11,600; banks, auto stocks drive rally
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By Ankit Gohel  Oct 6, 2020 9:34:12 AM IST (Published)

The Indian equity benchmark indices opened higher on Tuesday tracking gains in Asian peers that were trading at a two-week high level. Gains in banking stocks led the rally in the market.

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At 9:15 am, the Sensex opened 0.93 percent, or 362.64 points, higher at 39,336.34, while the Nifty50 index opened at 11,603.45, up 100.10 points, or 0.87 percent.
Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices gained over 0.8 percent each.
Among sectoral indices, the Nifty Private Bank, Nifty Financial Services, Nifty Auto, Nifty Metal, Nifty FMCG and Nifty Media traded higher while Nifty IT was the only to trade in the red.
HDFC, Adani Ports & SEZ, IndusInd Bank, HDFC Bank and Tata Motors led the gains among Nifty50 constituents while, Wipro, TCS, Infosys, Tech Mahindra and NTPC were the top index losers.
HDFC Bank gained over 2 percent after the bank’s advances as on September 30, 2020, rose 16 percent to Rs 10.4 lakh crore while deposits increased 20 percent to Rs 12.3 lakh crore, YoY. CASA Ratio was at 42 percent versus 39.3 percent, YoY.
Globally, Asian stock markets advanced to a two-week high on Tuesday after US President Donald Trump was discharged from hospital following treatment for COVID-19 and as prospects for a fresh US stimulus package appeared to brighten, Reuters reported.
Bonds and the dollar nursed losses amid the improving risk appetite, while oil extended gains.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.71 percent to a two week-high, led by Hong Kong climbing 0.88 percent. Japan's Nikkei also added 0.41 percent.
 
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