Sensex Edges 150 Points Higher Tracking Global Cues; JB Chemicals, HDFC Life up 3%

HDFC Life rose 3 per cent higher with the company taking the Vedanta slot on Nifty with effect from July 31 due to its proposed voluntary delisting.

Image: PTI

New Delhi, Jul 3: Domestic markets opened higher with both indices including the 30-stock benchmark Sensex and broader Nifty50 crossing the psychological levels. Sensex jumped 150 points to surge more than 36,000-mark while Nifty crossed the 10,600 level. Bajaj Auto, Axis Bank, and Powergrid emerged as the top gainers as each of the stock rose 1 per cent each. Also Read: Are You Worried About Tax Savings Investments? IT-Dept Extends Deadline Up To July 31 Reliance Industries rose 1 per cent after the company announced that Intel has invested Rs 1,894.5 crore in Reliance Jio for a 0.39 per cent stake.  The current investment makes Intel the eleventh investor to find a stake in RIL’s telecom and digital business within two months. Among individual stocks, JB Chemcials surged 3 per cent after it announced that global investment firm KKR will rake in a controlling stake of 54 per cent in the company. On the other hand, HDFC Life also rose 3 per cent higher with the company taking the Vedanta slot on Nifty with effect from July 31.  The stock will be also removed from various indices due to its proposed voluntary delisting. Asian Markets Asian stocks surged on Friday in line with the gains on Wall Street. After a grim job scenario, the latest better-than-expected US jobs data quelled concerns about economic recovery. Futures on the S&P 500 were little changed as of 11:39 a.m. in Tokyo. The index gained 0.5 per cent on Thursday, according to business daily Mint. Japan’s Topix index saw a marginal rise 0.1 per cent, Hong Kong’s Hang Seng added 0.7 per cent, Shanghai Composite jumped 1.3 per cent and Australia’s S&P/ASX 200 Index rose 0.2 Euro Stoxx 50 and S&P 500 futures were little changed. Global Markets Meanwhile, the US stocks ended higher after data showed the economy added 4.8 million jobs in June. On Thursday, the Dow Jones Industrial Average advanced 92.39 points, or 0.36 per cent, to 25,827.36. The S&P 500 rose 14.15 points, or 0.45 per cent, to 3,130.01. The Nasdaq Composite Index was up 53.00 points, or 0.52 per cent, to 10,207.63, Xinhua news agency reported. Nine of the 11 primary S&P 500 sectors closed higher, with materials and energy up 1.85 per cent and 1.13 per cent, respectively, leading the gainers. Real estate and communication services, however, struggled. Total nonfarm payroll employment in the United States rose by 4.8 million in June, the US Bureau of Labor Statistics reported Thursday, beating market consensus. The unemployment rate declined to 11.1 per cent from 13.3 per cent in May. Economists were expecting a rate of 12.4 per cent, according to Dow Jones. "These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it," said the bureau in a statement. Meanwhile, US initial jobless claims registered 1.427 million in the week ending June 27, the Department of Labor said in a separate report released on Thursday. Economists polled by MarketWatch had forecast 1.4 million new claims.