Updated: May 31, 2021 4:14:30 pm
The frontline equity indices on the BSE and National Stock Exchange (NSE) ended around 1 per cent higher on Monday as declining COVID-19 cases helped investor sentiment ahead of the March quarter (Q4) GDP data later in the day. The NSE Nifty 50 ended at a fresh record high.
Earlier in the day, Nifty went past its previous record intraday high of 15,469.65 it touched on Friday and hit a new lifetime intraday high of 15,606.35. The NSE barometer eventually settled at 15,582.80, with a gain of 147.15 points (0.95 per cent).
Likewise, the S&P BSE Sensex ended at 51,937.44, up 514.56 points (1.00 per cent). During the intraday session, it reached a day’s high of 52,013.22, however, it was nearly 500 points shy of its own record intraday high of 52,516.76 touched on February 16, 2021.
Both the benchmarks had opened marginally lower earlier in the day but snapped back to the positive territory as the day progressed.
India recorded over 1.52 lakh new covid-19 cases in the 24 hours ending 8 am on Monday, taking the country’s total infections to over 2.80 crore. This is the lowest spike in daily infections since April 9. Out of these, active cases further declined to over 20 lakh and the number of recoveries escalated to over 2.56 crore. With 3,128 new fatalities, the lowest since April 26, the death toll is now at over 3.29 lakh. Click here to follow LIVE updates
Gains in the NSE benchmark on Monday were led by JSW Steel, ICICI Bank and Reliance Industries (RIL).
In the previous session, the 30-share BSE frontliner had ended 307.66 points (0.60 per cent) higher at 51,422.88, and the broader Nifty rose 97.80 points (0.64 per cent) to settle at 15,435.65.
In the broader market, the S&P BSE MidCap index ended at 21,758.39, up 96.56 points (0.45 per cent) while the S&P BSE SmallCap settled at 23,595.98, up 117.29 points (0.50 per cent). The volatility index or India VIX slipped 2.97 per cent to 16.8850.
Among the sectoral indices, the Nifty Metal index climbed 2.10 per cent led by Steel Authority of India (SAIL) and MOIL. The key Bank Nifty rose 1.10 per cent aided by ICICI Bank, Bandhan Bank and Axis Bank. The Nifty FMCG index too rose 1.01 per cent led by Dabur India, ITC and Godrej Consumer Products.
Going ahead, market participants will look forward to the provisional full-year Gross Domestic Product (GDP) data for the fiscal year 2020-21 which will be released later this evening.
“Amidst mixed global trends, Indian equities registered gains ahead of Q4 GDP data which has a mixed forecast. But it is expected to be better for FY22 and increased optimism from declining covid cases is helping the market. The rise in heavyweights supported the rally and sectors like metal, private banks and energy witnessed maximum gains in anticipation of better economic growth,” Vinod Nair, Head of Research at Geojit Financial Services, said in a post-market statement.
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