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Sensex zooms 848 points, Nifty ends above 14,900; banking stocks lead gains

While Sensex rallied 848 points to 49,580, Nifty soared 245 points to 14,923

twitter-logoBusinessToday.In | May 17, 2021 | Updated 17:26 IST
Sensex zooms 848 points, Nifty ends above 14,900; banking stocks lead gains
L&T, Bharti Airtel, Nestle India, Sun Pharma and PowerGrid were among the top Sensex losers falling up to 2.20%.

Sensex and Nifty started the week on a strong note amid a fall in daily Covid-19 cases and a strong rally in banking stocks. While Sensex rallied 848 points to 49,580, Nifty soared 245 points to 14,923. Top Sensex gainers were IndusInd Bank, SBI, ICICI Bank, HDFC twins, Axis Bank, Bajaj Finserv and UltraTech Cement rallying up to 7%.

On the other hand, L&T, Bharti Airtel, Nestle India, Sun Pharma and PowerGrid were among the top Sensex losers falling up to 2.20%.

Of 30 Sensex stocks, 23 ended in the green. BSE mid cap and small cap indices surged 224 and 358 points, respectively.

The daily count of a rise in Covid 19 cases has fallen below 3 lakh for the first time since April 20. India has recorded 2,81,386 fresh Covid-19 cases in the last 24 hours along with 4,106 deaths. The fall in cases cheered investor sentiment on Dalal Street, analysts said.

Banking shares led the gains with BSE bankex rising 1,458 points to 38,058. Bank Nifty surged 1,289 points to 33,459.

BSE metal index too rose 363 points to 19,140.

Market cap of BSE-listed firms climbed to a record high of Rs 213.64 lakh crore. Investor wealth rose by Rs 3.04 lakh crore. 

S Ranganathan, Head of Research at LKP securities said, "Bulls took centre stage today as the vaccination drive is expected to pick up momentum and the launch of the DRDO drug ignited the street as pivotals led by banks saw support from autos & metals. In the broader market, we did witness profit taking in pharma stocks."

Market breadth was positive with 2,099 stocks rising against 1051 falling on BSE. 209 stocks were unchanged.

On a year-to-date basis, Sensex has gained 3.83% and Nifty has risen 6.73%. In one year, Sensex and Nifty have surged a huge 59.44% and 63.33%, respectively.

Yash Gupta, Equity Research Associate at Angel Broking said,"In India, Covid-19 2nd wave cases are fallin and it seems to be the pick of the 2nd wave is behind us as of now. The government will start reopening up the economy gradually. We expect the markets to be volatile in the coming week."

Meanwhile,  rupee rose for the second straight session on Monday to close 7 paise higher at 73.22 against the US dollar on the back of positive domestic equities and weak American currency.

At the interbank forex market, the rupee opened at 73.24 and hit an intra-day high of 73.16 and a low of 73.26. On Friday, the rupee had closed at 73.29 against the US dollar.

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