Stock Markets Today, June 16: Equity benchmark Sensex closed 376 points higher crossing the 33,000-mark on Tuesday, led by index heavyweights HDFC twins, ICICI Bank and Infosys amid strong cues from other global equities. Also Read – Ladakh Standoff: Eye For an Eye, Tooth For a Tooth – How Tensions Between India And China Escalated | SEE Map
The 30-share index, however, briefly turned negative in the afternoon session after an escalation in India-China border tension, but managed to recoup losses and settled 376.42 points, or 1.13 per cent, higher at 33,605.22. Also Read – Bytedance to Shut Down Vigo Video in India by October 31, Asks Users to Download TikTok Instead
Similarly, the NSE Nifty closed 100.30 points, or 1.02 per cent, up at 9,914. Also Read – Colonel Rank Officer, 2 Jawans Killed in ‘Violent Face-Off’ With PLA in Galwan Valley of Ladakh; Army Says Casualties on Both Sides
HDFC Bank was the top gainer in the Sensex pack, jumping around 4 per cent, followed by HDFC, ICICI Bank, Infosys, Kotak Bank and Hero MotoCorp.
On the other hand, IndusInd Bank, Tech Mahindra, Axis Bank and ITC were among the laggards.
According to traders, Dalal Street was enthused by positive cues from global markets after US Federal Reserve launched a massive programme to support Main Street businesses hit by the virus lockdown.
The Fed announced its Main Street Lending Program and an emergency lifeline under which it will buy up to USD 750 billion in corporate bonds.
The plan is part of a massive financial backstop put in place by the bank to protect the economy from the worst of the virus crisis.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended up to 5 per cent higher.
Stock exchanges in Europe too opened with significant gains.
However, massive escalation of border tension in the sensitive Galwan Valley in eastern Ladakh dampened domestic investor sentiment.
In the first such incident in the last 45 years reflecting massive escalation in the five-week border row, an Indian Army officer and two soldiers were killed during a violent confrontation with Chinese troops in the Galwan Valley on Monday night.
Meanwhile, the rupee pared initial gains and closed 17 paise lower at 76.20 against the US dollar.
International oil benchmark Brent crude futures rose 1.41 per cent to USD 40.28 per barrel.
With PTI inputs