MARKETS EXTENDS WINNING RUN AS STOCKS SHOOT

Equity Benchmarks defied gravity for the fourth straight session on Monday as robust buying in banking, financials, and IT counters offset lackluster double amid mounting COVID-19 cases. Starting the station on a positive note the BSE Sensex marked the day’s high at 37,479  before closing at 37,419 up 399 points or 1.1%.

Likewise, The broader NSE Nifty climbed 121 points or 1.1 % ended at 11022. The Sensex has also now gained 1386 points in four sessions, While the Nifty has advanced 415 points. Bajaj Finance was the top gainer in the Sensex pack on Monday, spurting 4.2% followed by Bajaj Finserv,  HCL Tech,  Tech Mahindra,  Infosys,  HDFC Bank,  and ICICI Bank. Market heavyweight HDFC Bank accounted for most of the gains on the benchmark after posting strong results over the weekend. The country’s largest private sector lender clocked a nearly 20% rise in standalone net profit at Rs.6,659 crores for the June quarter on the back of healthy interest income driven by growth in advances. Sun Pharma, NTPC, Maruti Suzuki, Kotak Mahindra Bank, and L&T were among the losers shedding up to 3.9%. Encouraging earnings by corporates and rising rupee had a rub-off of effect on investor sentiment, stated the analysts. The rupee ended 11 paise higher at 74.9 against the US dollar.  Nifty continued its momentum and closed above the 11000 marks.  This was in spite of increasing virus infections both in India and abroad.  The earnings declared so far have been positive,  in India and abroad as well.  earnings declared so far have been positive as the sectoral leaders especially in the IT and banking sectors have emerged better than expected in a quarter that was considered to be a washout,  in terms of business stated by Vinod Nair, Research Head,  Geojit Financial Services. According to the reports it was also said that The sugar stocks were trading with robust gains, buoyed By government approval of hiking 25%  in the price of ethanol produced directly from sugarcane juice for blending in petrol.  The cabinet committee of economic affairs on Wednesday raised the procurement price of ethanol derived from 100% sugarcane juice to rupees 59.13  per liter from the current rate of rupees 47.13. The move would help Sugar Mills quickly arrears of cane farmers.