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Sensex rises over 300 points, Nifty above 15,200; PowerGrid, SBI, L&T top gainers

Sensex rises over 300 points, Nifty above 15,200; PowerGrid, SBI, L&T top gainers

Sensex rose 310 points to 50,851 and Nifty surged 71.90 points to 15,247. Of 30 Sensex stocks, 16 were trading in the green

PowerGrid was the top  Sensex gainer rising over 2 per cent, followed by SBI, L&T, HDFC Bank, Maruti, Axis Bank and Dr Reddy's. PowerGrid was the top Sensex gainer rising over 2 per cent, followed by SBI, L&T, HDFC Bank, Maruti, Axis Bank and Dr Reddy's.

Sensex and Nifty were trading higher in early session today, led by gains in HDFC twins, SBI and ICICI Bank amid mixed global cues. Sensex rose 310 points to 50,851 and Nifty surged 71.90 points to 15,247.16

PowerGrid was the top  Sensex gainer rising over 2 per cent, followed by SBI, L&T, HDFC Bank, Maruti, Axis Bank and Dr Reddy's.

On the other hand, Titan, M&M, IndusInd Bank and HUL were among the losers. Of 30 Sensex stocks, 16 were trading in the green. BSE mid cap and small cap indices were trading 75 points and 84 points higher, respectively.

Capital goods and healthcare stocks were the top gainers with their BSE indices rising 294 and 227 points, respectively.

Metal and consumer durables stocks were the top losers with BSE indices slipping 332 and 167 points, respectively.

Market cap of BSE listed firms rose to a record high of Rs 218.66 lakh crore.

Market breadth was positive with 1,692 shares rising against 1,030 falling on BSE. 142 stocks were unchanged.

Stocks in news: Adani Green, Hero MotoCorp, JSW Steel, MCX and more

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 510.16 crore on Friday, as per provisional exchange data.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"Covid-19 data has been a major determinant of market moves for some time now. Steady decline in fresh Covid cases (2.2 lakhs during the last 24 hrs) and rising recoveries (3.02 lakhs) indicate that the second wave is weakening. Consequently, progressive lifting of lockdowns, like what Madhya Pradesh has announced from June 1 onwards, is expected in other states too. Market has been anticipating this trend and moving up and Nifty is now just 2% away from all-time highs. A move towards all-time high is likely. SBI's strong numbers further reinforce the view that NPA concerns have been exaggerated. Bank Nifty now has the strength to support Nifty's further upmoves. IT is likely to take a breather since rupee is strengthening."

Asian markets

Japan's benchmark Nikkei added 0.2% in morning trading to 28,381.13. South Korea's Kospi slipped 0.3% to 3,147.23, while Australia's S&P/ASX 200 inched up less than 0.1% to 7,031.50. Hong Kong's Hang Seng slipped 0.9% to 28,217.82, while the Shanghai Composite lost 0.4% to 3,473.43.