Heavyweights Pull Sensex Up 700 Pts, Nifty Over 10K-Mark

Heavyweights Pull Sensex Up 700 Pts, Nifty Over 10K-Mark
PTI - 18 June 2020

Mumbai, June 18: The BSE Sensex rallied 700 points on Thursday following gains in index-heavyweights HDFC twins, Reliance Industries, Kotak Bank and ICICI Bank despite weak cues from global markets.

After starting on a tepid note, the 30-share benchmark gained momentum in late-afternoon trade to close at 34,208.05, up 700.13 points, or 2.09 per cent.

Similarly, the broader NSE Nifty jumped 210.50 points, or 2.13 per cent, to 10,091.65.

Bajaj Finance was the top gainer in the Sensex pack, climbing over 5 per cent, followed by Kotak Bank, SBI, PowerGrid, Axis Bank, HDFC Bank and Reliance Industries.

On the other hand, HUL, Bharti Airtel, TCS, ONGC and Maruti were among the laggards.

According to Narendra Solanki, Head- Equity Research (Fundamental) at Anand Rathi, market started on a tepid note as peers in Asia traded mixed in the morning session following comments by the Asian Development Bank (ADB) which said that developing Asia will "barely grow" in 2020.

However, the mood in the domestic market turned upbeat in the afternoon with upward momentum witnessed in banks, financial services and metals indices, he added.