Markets end higher led by sharp surge in metal stocks; Nifty 50 settles above 15,850

On the sectoral front, the metal index witnessed a sharp rebound today as a strong demand environment and expectations of sustained earnings recovery attracted investors.

Jul 07, 2021 03:07 IST India Infoline News Service

Bull market presents uptrend stock market
Domestic markets remained resilient and shrugged off weak global cues as persistent traction in financials continued to lend support to markets. Notably baring auto, most key sectoral indices traded in the green in today’s trade.

The S&P BSE Sensex index jumped 193.5 points or 0.37% to end the volatile session at a new closing peak of 53,055 levels while the Nifty50 settled at 15,880, up 61 points or 0.39%. Midcap and Smallcap stocks once again saw strong interest and outperformed broader indices.

On the sectoral front, the metal index witnessed a sharp rebound today as a strong demand environment and expectations of sustained earnings recovery attracted investors.  JSW Steel, Jindal Steel and Power (JSPL), Tata Steel Long Products, Tata Steel BSL and Jindal Stainless (Hisar) were up in the range of 2-4%.

In the 50-share pack Nifty, Tata Steel was the biggest gainer, up 4.4%. JSW Steel, Bajaj Finserv, Hindalco and UPL among other gainers.

On the flip side, Titan, ONGC, Maruti, SBI Life and Shree Cement were among the top loser on the Nifty.

On the international front, European stocks trading higher on Wednesday ahead of the release of the Federal Reserve’s minutes from its latest meeting.

Meanwhile, Oil rose to $75 a barrel after a steep drop from multi-year highs in the previous session amid uncertainty about OPEC+ supply policy. Brent crude was up 86 cents or 1.2% at $75.39 a barrel. U.S. West Texas Intermediate gained 58 cents, or 0.8%, at $73.95.

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