Tuesday turned out to be a fabulous day of trade for Indian equity benchmarks, where frontline gauges garnered splendid gains, led by massive buying in index majors Reliance Industries and HDFC Bank amid heavy foreign fund inflows and a positive trend in global equities. The market indices snapped a four-session losing run, with Sensex and Nifty closing just shy of their crucial 37,700 and 11,100 levels, respectively. The benchmarks opened higher and gradually built on the rally to close near the day's highs, as traders took encouragement with CARE Ratings’ report that banks have sanctioned around 44 percent of the targeted amount of liquidity support to micro, small and medium enterprises (MSMEs) under the government's Emergency Credit Line Guarantee Scheme (ECLGS).
Sentiments remained upbeat during late afternoon session, with we Commerce and Industry Minister Piyush Goyal’s statement that showing signs of significant improvement, the country's exports in July have reached almost the level of the corresponding month last year. He said several indicators are reflecting that the economic activities are reviving in the country. He added that that the country ‘today is in a mood’ to not only bring back economic activity but also become self-reliant, improve the quality and competitive pricing of products. Market participants shrugged off the Asian Development Bank’s (ADB) statement that global remittances will Market Turnover & FII Derivative Data fall by 108.6 billion dollars if the Covid-19 economic impact persists throughout the year.