Markets

Sensex Surges 511 Points; Nifty Tops 11,150

(RTTNews) - Indian shares followed global peers higher on Tuesday after the European Union (EU) struck a historic deal on a €750 billion ($857 billion) coronavirus recovery fund and the bloc's long-term budget.

Hopes for a coronavirus vaccine and expectations of more fiscal stimulus in the U.S. also helped underpin investor sentiment.

The benchmark S&P BSE Sensex jumped 511.34 points, or 1.37 percent, to 37,930.33, extending gains for a fifth straight session as good rainfall and better-than-expected quarterly earnings eclipsed fears over surging coronavirus cases in the country. The broader NSE Nifty index ended up 140.05 points, or 1.27 percent, at 11,162.25.

HDFC, Eicher Motors, BPCL, IOC and Power Grid Corp rallied 4-6 percent in the Nifty pack, while Infratel, Asian Paints, Britannia Industries, Bajaj FinServ and Bajaj Finance lost 2-4 percent.

Bajaj Finance gave up 4 percent after it posted a 19.40 percent year-on-year (YoY) fall in consolidated net profit for the June quarter.

Cable and broadband services provider Den Networks and Hathway Cable & Datacom both soared about 10 percent after they reported a strong set of quarterly numbers.

Axis Bank advanced 2.7 percent while Hindustan Unilever shed 0.6 percent ahead of their earnings results later in the day.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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