Nifty Reconquers The 10,000 Points Mark, Banking Stocks Rally

After a terrible month of April and May, the Nifty finally reconquered the 10,000 points mark once again in trade, as global cues continued to be strong, aided by opening of lockdown across economies.

A rally pushed Wall Street to solid gains overnight, with the Dow Jones gaining 1 per cent, while the S&P 500 was up 0.82 per cent. Asian markets were up anywhere between 1 to 2 per cent.

The Sensex was trading with gains of 545 points, while the Nifty too moved higher and was up 164 points in trade at 10,161 points.

Shares in Reliance Industries was up ahead of its rights issue closing today. The rights issue has been oversubscribed and the stock was up 1 per cent.

InterGlobe Aviation, which runs Indigo, saw its share price gain even after the company reported a net loss of Rs 870.8 crore for the quarter ending March 2020, as covid 19 pandemic took its toll.

Hindustan Unilever said that the coronavirus pandemic has imposed incremental operating costs on the business and there will be some impact on its profitability in the short term. The stock of the company was flat in a rising market.

Banking shares which had a spectacular rally in the last few days continued to trend higher. Among the gainers were ICICI Bank, Bandhan Bank and Axis Bank.