Nifty above 9,900-mark; Kotak Mahindra Bank, M&M stocks surge

Kotak Bank surged 4%, followed by M&M, Hero MotoCorp and Tata Steel, which were among top gainers on the Sensex pack.

Jun 02, 2020 09:06 IST India Infoline News Service

Stock market report with bull and bear
Equity benchmark indices opened higher on Tuesday for the fifth straight day. Kotak Bank surged 4%, followed by M&M, Hero MotoCorp and Tata Steel, which were among top gainers on the Sensex pack. The market sentiment got boosted tracking Asian peers as investors’ focus on the prospects of a global coronavirus recovery won over familiar worries about Sino-US relations and the depth of economic damage.

The Sensex jumped over 278 points at 33,581 and the Nifty also rose 82 points at 9,908 levels.

On the earnings front, key stocks which are scheduled to announce their earnings today include Britannia, Indigo and Motherson Sumi Systems.

Asian stock markets were buoyant on Tuesday amid positive cues from overnight on Wall Street. Japan’s Nikkei 225 has climbed over 1% as they have further lifted the restrictions on social and economic activities in urban areas.

Meanwhile, Moody's has downgraded the Government of India's foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2. Moody's has also downgraded India's local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2. The outlook remains negative.

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