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Sensex surges 1,100 points, Nifty reclaims 15,000
Dubai - Healthy buying was witnessed in IT, metal and banking stocks.The surge in the domestic market came on the back of rise in the global markets.
The top gainers on the Sensex were Tata Steel, Axis Bank and State Bank of India, while the major losers Bajaj Auto, Maruti Suzuki and NTPC were the major losers. — Reuters
The Indian stock market soared on Wednesday with the BSE Sensex surging over 1,100 points and Nifty30 on the National Stock Exchange up over 300 points to reclaim the 15,000 mark.
Healthy buying was witnessed in IT, metal and banking stocks.The surge in the domestic market came on the back of rise in the global markets.
Sensex closed at 51,444.65, higher by 1,147.76 points or 2.28 per cent from its previous close of 50,296.89. It opened at 50,738.21 and touched an intraday high of 51,539.89 points. The Nifty50 closed at 15,245.60, higher by 326.50 points or 2.19 per cent.
The top gainers on the Sensex were Tata Steel, Axis Bank and State Bank of India, while the major losers Bajaj Auto, Maruti Suzuki and NTPC were the major losers.
“The bias is still positive. The way the vaccine drive is progressing is definitely a comforting factor,” said Ajit Mishra, vice president, research at Religare Broking.
The Indian government said on Tuesday there were plenty of Covid-19 vaccines for the country even though it has sent quantities abroad.
Among individual shares and sectors, lenders Housing Development Finance Corp and ICICI Bank were the top boosts to the Nifty 50, rising roughly 2 per cent each.
Nifty’s private bank index extended gains to trade 1.4 per cent higher. The PSU bank index rose 2.36, after slumping 4 per cent on Friday and eking out minor losses in the last two sessions.
Index heavyweight Reliance Industries rose as much as 1.28 per cent after the conglomerate’s telecoms unit Reliance Jio Infocomm won airwaves worth about $8 billion in a $10.6-billion spectrum auction.
The Nifty Metal index extended its lofty gains, rising 3.55 per cent. It has surged 24.2 per cent in February and is up more than 6 per cent in March amid a rise in commodity prices.
Meanwhile, the Nifty Auto index, which clocked a 3.19 per cent gain in the previous session, inched 0.39 per cent lower.
Elsewhere, the rally in Asian markets lost steam as investors paused to assess volatility in both shares and bonds
— IANS, Reuters
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