InvestorQ : What led the Sensex and Nifty to the sixth consecutive day of trading gains on 03 June?
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What led the Sensex and Nifty to the sixth consecutive day of trading gains on 03 June?

Answer
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3 months ago


Sensex closed 284 points higher on Wednesday and has now gained close to 3500 points in the last 6 trading sessions. The gains were on the back of optimism around opening up of the economy as Unlock 1.0 has been put into action. Global cues have also been positive as the stimulus is beginning to work in most economies. Surprisingly, the markets appeared to have entirely dismissed the likely impact of the rating downgrade by Moody’s. The two best performing indices on the BSE were the PSU Banking Index gaining 5% and the Realty index gaining 3% on 03 June. IT stocks continued to remain under pressure. The support also came from global markets as they hit a 3-month high even as the dollar continued to fall on the back of rising protests across the United States. The markets also got a boost from Brent Crude topping $40 a barrel for the first time since March. Apart from the supply cuts by OPEC and Russia, lower US inventories also aided the rally in oil.