Sensex soars by more than 800 points; Bajaj Finance rallies by 10.62 per cent

As bulls seize command, domestic benchmark indices began the month of June with a positive bias as Nifty increased by 262.50 points or 2.74 per cent to 9,842.80 while Sensex surged by 879.42 points or 2.71 per cent to 33,303.52.

Investors witnessed positive sentiments as a result of the declaration of phased reopening of the Indian economy after months of COVID-19 induced lockdown. Market rallies in the last week were attributed to short covering. This appears to be the case in today's trading session as well along with optimism about economic recovery post easing of lockdown. Moreover, experts are of the opinion that despite factoring in the negatives, the market is anticipating a vaccine or cure for COVID-19 to be found as well as more stimulus being rolled out by the government, if needed.

Global peers also rallied upon seeing signs of easing tensions between US and China, and the reopening of various economies which has offset concerns about the riots in US cities. As for Asian indices, Hang Seng, Shanghai, KOSPI and Nikkei increased by 3.36 per cent, 2.21 per cent, 1.75 per cent and 0.84 per cent respectively. European indices such as FTSE 100 and CAC 40 opened in green, trading up by 0.86 per cent and 0.97 per cent respectively.

In the Sensex basket, 25 stocks advanced, mainly including the banking and financial stocks whereas 5 stocks declined. Sensex gainers consisted of Bajaj Finance gaining by 10.62 per cent, Titan soaring by 7.61 per cent, Tata Steel rising by 6.72 per cent, SBI gaining by 6.08 per cent, HDFC rallying by 4.72 per cent, IndusInd Bank rising by 4.26 per cent, RIL gaining by 3.77 per cent, HDFC Bank rising by 3.75 per cent, etc.

Sensex losers consisted of Sun Pharmaceuticals declining by 2.17 per cent, Nestle India which fell by 2.14 per cent, Ultratech Cement declining by 2.10 per cent, Hero MotoCorp dropping by 1.44 per cent and L&T declining by 0.45 per cent.

Amidst BSE sectoral indices, Consumer Durable was the biggest gainer, up by 6.56 per cent followed by indices such as Metal and Finance increasing by 3.92 per cent and 3.77 per cent respectively. BSE Healthcare index remained shy, increasing by a mere 0.41 per cent. Looking at the broader indices, small-cap and mid-cap rallied by 3.03 per cent and 2.65 per cent respectively.