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Sensex ends 508 points higher, Nifty above 14,450; banking, metal stocks lead rally

Axis Bank was the top Sensex gainer rising  up to 4.40 per cent, followed by ICICI Bank , UltraTech Cement, and SBI

twitter-logoBusinessToday.In | April 26, 2021 | Updated 16:44 IST
Sensex ends 508 points higher, Nifty above 14,450; banking, metal stocks lead rally
The market ended in the green even as the COVID-19 cases in the country rose to a record 3,52,991 with 2812 deaths in last 24 hours.

Sensex ended on a positive note today led by a rally in banking, and consumer durables stocks amid positive global cues.  While Sensex  closed 508 points higher at 48,386, Nifty jumped 143 points to 14,485. The market ended in the green even as the COVID-19 cases in the country rose to a record 3,52,991 with 2812 deaths in last 24 hours.    

Axis Bank was the top Sensex gainer rising  up to 4.40 per cent, followed by ICICI Bank , UltraTech Cement, and SBI.

On the other hand, HCL Tech, HDFC Bank, Maruti, Sun Pharma and TCS were the top losers falling up to 2.87%.

Vinod Nair, Head of Research at Geojit Financial Services said,"With the support of strong global markets, accumulation in the domestic market increased as the rate of infection is slowing down with a flattening path. Buying interest was broad-based led by banking, realty and metal stocks with a hope that we are nearing the peak of infection. Banking stocks outshined other major sectoral indices due to the positive beginning of quarterly results. The market may remain volatile in the coming days as covid cases continue to be high, April F&O expiry and upcoming FOMC meeting."

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Of 30 Sensex stocks, 23 ended in the green today. Market cap of BSE-listed firms swelled to 204.22 lakh crore in today's session.

Market breadth was positive with 1,886 stocks ending higher against 1,100 falling on BSE.

223 stocks were unchanged in trade today. BSE midcap and small cap indices rose 119.88 points and 185 points, respectively in trade today.

Banking stocks were the top gainers with BSE bankex closing 708 points higher at 36,732. Bank Nifty closed 552 points higher at 32,275. BSE metal index ended 350 points higher and consumer durables index rallied 397 points, respectively.

Rohit Singre, Senior Technical Analyst at LKP Securities said, "Index opened the day with strong gains but profit booking in the second half led the index to remove some of its gains. Nifty formed a small bullish candle on the daily chart. The index again failed to give closing above 14,500 zone which again making it immediate hurdle any close above 14500 zone can see good gains towards 14600-14700 zone and supports are still placed at 14400-14300 zone."

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Global markets

World shares were mixed Monday as worries over the pandemic clouded the outlook for a recovery from the coronavirus crisis. In Asian trading, Tokyo's Nikkei 225 added 0.4% to 29,126.23 and the Hang Seng in Hong Kong fell 0.4% to 28,952.83. In Seoul, the Kospi jumped 1% to 3,217.53. The Shanghai Composite index dropped 1% to 3,441.17 and Australia's S&P/ASX 200 slipped 0.2% to 7,045.60. On Friday, the benchmark S&P 500 rose 1.1% to 4,180.17. The Dow Jones Industrial Average rose 0.7% to 34,043.49. The tech-heavy Nasdaq climbed 1.4% to 14,016.81, while the Russell 2000 index of small caps rose 1.8% to 2,271.86.

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