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Thursday, June 17, 2021

Sensex surges 848 points, Nifty settles at 14,923 led by banks, financial stocks

Market News Update: The S&P BSE Sensex surged 848.18 points (1.74 per cent) to end at 49,580.73, while the Nifty 50 ended at 14,923.15, up 245.35 points (1.67 per cent).

By: Express Web Desk | New Delhi |
Updated: May 17, 2021 5:11:34 pm
Bombay Stock Exchange building. (Express archive photo)

The benchmark equity indices on the BSE and National Stock Exchange (NSE) settled over 1.5 per cent on Monday led by gains in banking and financial stocks as market sentiment improved after India’s coronavirus (COVID-19) cases
fell below the 3,00,000-mark for the first time since April 21.

The S&P BSE Sensex surged 848.18 points (1.74 per cent) to end at 49,580.73, while the Nifty 50 ended at 14,923.15, up 245.35 points (1.67 per cent). Both the topline indices had opened over 0.5 per cent higher and extended gains as the trade progressed during the day.

In the last 24 hours, India recorded 2,81,386 new Covid-19 cases, the Union Health Ministry update showed on Monday. With this, the total tally reached 24,965,463. The case count has fallen below the 3-lakh mark for the first time in 25 days. Click here to follow Covid-19 LIVE Updates

IndusInd Bank, State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank and Housing Development Finance Corporation (HDFC) were the top gainers on the BSE benchmark on Monday. On the other hand, Larsen & Toubro (L&T), Bharti Airtel, Nestle India and Sun Pharmaceutical Industries were among the top losers.

Among the sectoral indices on NSE, the key Nifty Bank index rose 4.01 per cent on Monday led by gains in the shares of IndusInd Bank, SBI and RBL Bank. The Nifty Financial Services index too climbed 3.20 per cent led by Muthoot Finance and Shriram Transport Finance Company. Apart from these, the Nifty Metal index gained 2.29 per cent aided by National Aluminium Company, APL Apollo Tubes and Adani Enterprises.

In the broader market, the S&P BSE MidCap index rose 334.41 points (1.63 per cent) to end at 20,842.20, while the S&P BSE SmallCap settled at 22,558.92, up 358.38 points (1.61 per cent). The volatility index or India VIX slipped 3.25 per cent to 19.6075.

Apart from the Covid-19 newsflow, the wholesale inflation or WPI across the country rose to an all-time high of 10.49 per cent in April.

“Indian indices soared with solid gains led by banking, metal and auto stocks due to fall in infection cases. The market expects a rapid fall in daily reported Covid cases which helped to ease concerns over extended lockdowns and sharp correction in FY22 estimates. Banking stocks took a breather as it helped in soothing asset quality concerns,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global markets

Global shares hit the pause button and gold briefly crested a three-month high as surging COVID-19 cases in some Asian countries and inflation pressures tempered demand for riskier assets.

Markets have been skittish in recent weeks as bumper supplies of central bank stimulus and rising prices in the United States and other countries fuel concerns some economies could overheat, requiring policymakers to tap on the brakes.

The MSCI World Index, a broad gauge of equity markets globally, was flat in European trade, albeit less than 2 per cent from a recent record high. That followed its best day since February on Friday after an early week inflation-driven selloff.

S&P 500 futures and Nasdaq futures were down 0.1 per cent and 0.2 per cent, respectively.

Guidance out of Asia was mixed overnight, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.1 per cent, Japan’s Nikkei down 0.9 per cent and Chinese blue chips up 1.5 per cent.

–global market inputs from Reuters

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