Markets closed with robust gains; Sensex closes at 38,840, Nifty 50 gains 1.52 pct

Key equity benchmark ended with robust gains near the day's high on Thursday, September 10, 2020. According to the provisional closing data, the S&P BSE Sensex jumped 646.40 points, or 1.69 per cent, to end at 38,840.32. The Nifty 50 index gained 171.25 points, or 1.52 per cent, and settled at 11,449.25.

Similarly, Nifty Bank gained 199.20 points, or 0.89 per cent, to close at 22,466.20. Advances outnumbered declines by over 3:1, with Mid-cap added 0.92 per cent and Small-cap climbed 1.27 per cent.

Markets witnessed a sharp rebound today, on the back of over 7 per cent jump in Reliance Industries as it hit a record high after news of Reliance offering $20 billion worth of stake to Amazon in Reliance Retail.

The market breadth was strong and 1815 shares rose and 898 fell on the BSE. 30 shares advanced on Nifty 50, while 19 declined and one remained unchanged on the index.

Nifty continues to trend higher, with the upside resistance seen around 11650-11700 zone whereas support is seen around 11100-11150 levels."

Total COVID-19 confirmed cases worldwide were at 27,766,325 with 902,468 deaths, data showed. India reported 919,018 active cases of Covid-19 infection and 75,062 deaths, while 3,471,783 patients have been discharged, data showed.

Reliance Industries (up 7.29 per cent) was the top gainer on Nifty 50 and was followed by BPCL (up 6.02 per cent), Asian Paints (up 4.25 per cent), IOC (up 3.85 per cent) and Axis Bank (up 3.65 per cent). The top losers include Bharti Infratel (down 4.78 per cent), Tata Steel (down 2.26 per cent), Bharti Airtel (down 1.20 per cent) and Dr Reddy's (down 1.14 per cent).

Yesterday, Democratic presidential nominee Joe Biden rolled out his "Made in America" tax policy, while campaigning in Michigan, which includes a proposed new offshoring penalty and a minimum 21 per cent corporate tax on all foreign earnings but a 10 per cent tax credit for any companies making investments to create US jobs, such as by revitalising existing facilities that have been closed.

Global cues were mixed as Nasdaq Futures was marginally up by 0.10 per cent, whereas FTSE and Dow Futures were down by 0.66 per cent, and 0.11 per cent, respectively.