Sensex jumps 300 points, Nifty inches closer to 10,000-mark; Kotak Bank up 7{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}

Domestic markets on Tuesday opened firmly as both market benchmarks were trading positive, despite the ratings downgrade by Moody’s.

At around 9:35 am, BSE Sensex was trading over 300 points, while NSE Nifty was inching close to the 10,000-mark after rising almost 1 per cent.

Auto, Pharma and financial stocks were performing well in morning trade as Kotak Mahindra Bank rose briefly over 7 per cent. Sun Pharma, Bajaj Finance, Mahindra and Mahindra, Asian Paints, Hero MotoCorp, EicherMotors were some of the top gainers.

ICICI Bank, L&T and UltraTech Cement were some of the laggards in morning trade.

Among Nifty sectoral indices, bank, auto, financial services, pharma and media were so seen performing well. None of the Nifty sectoral indices were in red.

While Moody’s had on Monday downgraded India’s rating to Baa3 for the first time in over two decades, investor sentiment has not been affected.

It seems most of the investors are optimistic about businesses opening up as the government eased the lockdown further starting June 1.

However, it remains to be seen if markets can hold to the gains in upcoming days as relations between US and China are expected to deteriorate further.

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