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Sensex ends higher for third session, metal stocks lead rally

Sensex climbed 256 points to end at 49,206  and Nifty rose 98 points to 14,823

twitter-logoBusinessToday.In | May 7, 2021 | Updated 18:36 IST
Sensex ends higher for third session, metal stocks lead rally
M&M, Bajaj Finserv, NTPC, Bharti Airtel, ITC, ONGC and UltraTech Cement were the other Sensex gainers, rising up to 2.68 per cent.

Benchmark indices continued their winning run for the third straight session today amid strong corporate results and positive global cues. Sensex climbed 256 points to end at 49,206  and Nifty rose 98 points to 14,823. Top Sensex gainer was HDFC rising 2.70 per cent, after reporting a 31 per cent jump in consolidated net profit at Rs 5,669 crore for the March quarter.

M&M, Bajaj Finserv, NTPC, Bharti Airtel, ITC, ONGC and UltraTech Cement were the other Sensex gainers, rising up to 2.68 per cent.

Shares of Bajaj Auto, Bajaj Finance, Infosys, Kotak Bank and ICICI Bank tumbled up to 2 per cent on Sensex. On a weekly basis, Sensex advanced 424.11 points or 0.86 per cent and Nifty jumped 192.05 points or 1.31 per cent.

"Market opened with a gap up tracking heavyweights gains and was able to maintain its optimism to the end, supported by the global market. Global bourses were largely positive as easing restrictions on movement in the US and Europe along with the expectation of better US job data signalled a faster economic rebound in the western markets.

"Metal stocks are continuing their upbeat movement on improved sectoral outlook while mid-cap stocks underperformed their peers," said Vinod Nair, Head of Research at Geojit Financial Services. BSE midcap and small cap indices fell 8.29 points and rose 34 points, respectively

Metal stocks led the rally with BSE metal index climbing 987 points and oil and gas index rising 118 points.

India reported a record 4,14,188 new coronavirus infections in a day, taking the total tally of COVID-19 cases to 2,14,91,598, while the active cases crossed the 36-lakh mark, according to the Union Health Ministry data updated on Friday.

The death toll has increased to 2,34,083 with 3,915 fatalities being reported in a span of 24 hours.

Market breadth was positive with 1,687 stocks rising against 1321 falling on BSE. 171 stocks were unchanged.

Market cap of BSE listed firms rose to Rs 211.24  lakh crore.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, "On the daily chart, Nifty has recently broken out from an Inside bar & is seeing the follow through action on the upside. So the overall structure shows that the trajectory is likely to remain positive for the short term. 15,000 will be the key short term level on the upside to watch out for. Breach of this psychological level on the upside on closing basis will pave the way to the all time high of 15431. On the flip side, the near term support zone shifts higher to 14600-14650."

Global markets

France's CAC 40 rose 0.2% to 6,370 while Germany's DAX added 1.3% to 15,389. Britain's FTSE 100 added 0.6% to 7,120. S&P 500 futures rose 0.2% to 4,204 and Dow futures gained 0.3% to 34,555. Futures for the Nasdaq and Russell 2000 were also higher.

Japan's benchmark Nikkei 225 recouped early losses to edge up nearly 0.1% and finish at 29,357.82. Australia's S&P/ASX 200 added 0.3% to 7,080.80, while South Korea's Kospi gained 0.6% to 3,197.20. Hong Kong's Hang Seng gyrated much of the day ending nearly 0.1% lower at 28,610.65, while the Shanghai Composite dropped 0.7% to 3,418.87.

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