Sensex closed higher for the fourth session today led by gains in pharma and metal stocks. The 30-stock index reclaimed the key 49,500-level by closing 295.94 points higher at 49,502. Nifty jumped 119 points to 14,942.
L&T was the top Sensex gainer, rallying 3.89 per cent, followed by Dr Reddy's, Sun Pharma, NTPC, IndusInd Bank, PowerGrid, ONGC and M&M.
Dr Reddy's share rose after Drugs Controller General of India (DCGI) approved the anti-COVID drug developed by DRDO (Defence Research and Development Organisation) in collaboration with the pharma firm for emergency use. Dr Reddy's Labs share opened with a gain of 3.02% at Rs 5,330. It touched an intraday high of Rs 5,422, rising 4.8%. Later, the share closed 3.01% higher at Rs 5,329 on BSE.
Top Sensex losers were UltraTech Cement, Infosys, Reliance Industries and HCL Tech falling up to 1.22% in trade today. Of 30 Sensex stocks, 25 ended in the red.
Shrikant Chouhan, Executive Vice President (Equity Technical Research) at Kotak Securities said, "In the near term, Nifty / Sensex are heading for the levels of 15050/49800 on the minimum side and 15150/50100 on the maximum side and the final strategy should be to buy minor dips. Support exists at 14800/49000 and 14700/48700. Last Friday, Nifty/Sensex gave a breakout and today the Bank Nifty closed above the psychological barrier of 33,000. That might lift the index to the levels of 34,000 with a major hurdle at 33,650."
Market cap of BSE-listed firms rose to a record high of Rs 213.28 lakh crore. Market breadth was positive with 2,968 stocks ending higher against 1,038 closing in the red.
Number of securities hitting 52 week high stood at 358 and number of shares falling to their 52 week lows stood at 63.
Vinod Nair, Head of Research at Geojit Financial Services said, "Domestic bourses continued to ride on its optimistic wave mirroring strong across-the-board buying with metals, auto and pharma stocks leading the rally. US job growth significantly slipped its April forecast signalling sluggish momentum in the labour market while a cyber attack hiked the US oil prices. Despite a decline in April auto sales numbers due to the impact of covid lockdowns, the auto sector managed to stay afloat owing to its long-term positive outlook."
BSE mid cap and small cap indices rose 199 points and 208 points, respectively.
Metal stocks were the top gainers with BSE metal index closing 692 points higher at 20,348. BSE healthcare and capital goods indices also contributed to the gains rising 545 points and 526 points, respectively.
Meanwhile, global markets were trading mixed after a disappointing U.S. jobs report signaled to investors that interest rates will likely stay low. France's CAC 40 dipped nearly 0.2% to 6,374.45 in early trading, while Germany's DAX fell 0.2% to 15,375.92. Britain's FTSE 100 edged 0.1% higher to 7,137.48. The future for the Dow industrials rose 0.2% to 34,755.00 while the S&P 500 future was unchanged at 4,224.60.
In Asia, Japan's Nikkei 225 rose 0.6% to finish at 29,518.34. Australia's S&P/ASX 200 jumped 1.3% to 7,172.80. South Korea's Kospi added 1.6% to 3,249.30. Hong Kong's Hang Seng slipped less than 0.1% to 28,595.66, while the Shanghai Composite added 0.3% to 3,427.99.