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The banking sector supports Sensex and Nifty; closes in green for fifth straight session

Sensex : The domestic stock market closed in the green on Tuesday, extending its gaining streak into the fifth direct session. The gain was supported by buying in financial and IT counters.

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The S&P BSE Sensex closed with 187 points high or 0.51 percent at 36,675. Bajaj Finance up with 8 percent, stood the top gainer while Power Grid down with 3 percent stood as the biggest loser.

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NSE’s Nifty ended at 10,799.65 points, up with 36 points or 0.33 percent.

Financial stocks rallied up to 20 percent on the BSE after Bajaj Finance announced that its assets under management (AUM) under moratorium decreased to around 15.5 percent, at the end of June 2020, from 27 percent at the end of April 2020.

Bandhan Bank, Sensex also, recorded healthy loans and deposit growth in the April-June quarter on a yearly basis in spite of nationwide Coronavirus induced lockdown.

The shares of IT companies, too, earned in the trade ahead of the announcement of their June quarter (Q1FY20) results. However, Tata Consultancy Services will begin its earnings season by announcing its final numbers on Thursday, July 9. The Nifty IT index increased by 2 percent to settle at 15,785.

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In the broader market, the S&P BSE MidCap index earned 0.58 percent while the S&P BSE SmallCap index gained 0.57 percent.

Global stocks

Sensex China’s share market expanded its positive run on Tuesday, the mainland government’s push for a stronger market.

MSCI’s broadest index of Asia-Pacific shares outside Japan see-sawed during the local session and decreased by 0.2 percent.

European shares also fell down due to a rise in the number of US coronavirus cases and predict a deeper-than-feared recession in the eurozone.

In commodities, oil prices decreased due to rising coronavirus cases, mainly in the United States, which will hamper any recovery in fuel demand.

 

Also read:-sensex surges 1600 points in two days ; check what’s boosting investors sentiment on D-stree