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Thursday, March 04, 2021

Sensex gains 834 points, Nifty ends above 14,500-mark; financial stocks rally

Stock market today: The S&P BSE Sensex climbed 834.02 points (1.72 per cent) to settle at 49,398.29 while the broader Nifty 50 rose 239.85 points (1.68 per cent) to end at 14,521.15. During the day, the Sensex hit an intraday high of 49,499.86, while the Nifty touched 14,546.05.

By: Express Web Desk | New Delhi |
Updated: January 19, 2021 4:26:20 pm
Pedestrians wearing protective masks walk past the Bombay Stock Exchange (BSE) in Mumbai, India, on Friday, March 27, 2020. (Photographer: Dhiraj Singh/Bloomberg)

The equity benchmark indices on BSE and National Stock Exchange (NSE) witnessed a pullback rally on Tuesday after correcting over the past few sessions. They ended over 1.5 per cent higher led by gains in the shares of banking and financial stocks.

The S&P BSE Sensex climbed 834.02 points (1.72 per cent) to settle at 49,398.29 while the broader Nifty 50 rose 239.85 points (1.68 per cent) to end at 14,521.15. During the day, the Sensex hit an intraday high of 49,499.86, while the Nifty touched 14,546.05.

Bajaj Finserv, Bajaj Finance, Housing Development Finance Corporation (HDFC), Larsen & Toubro (L&T), ICICI Bank and Sun Pharmaceutical Industries were the top gainers on Tuesday. See heatmap below

Gainers and losers of the day on the Sensex. (Source: BSE)

Among the sectoral indices, the Nifty Realty index zoomed 4.19 per cent led by a rally in Indiabulls Real Estate and Sobha. The realty index was followed by Nifty Metal which rose 2.92 per cent aided by Hindustan Zinc and Hindustan Copper. This apart, the key Bank Nifty too rose 1.93 per cent led by IDFC First Bank and The Federal Bank.

Here’s how the sectoral indices performed:

Sectoral gainers of the day on the National Stock Exchange. (Source: NSE)

In the broader market, the S&P BSE MidCap index gained 427.23 points (2.31 per cent) to end at 18,952.06 while the S&P BSE SmallCap index settled at 18,634.97, up 305.18 points (1.66 per cent).

“Nifty has bounced back smartly on Jan 19, however with lower volumes. This has raised hopes of continuation in the upmove. Sharply positive advance-decline ratio also reinforces this feeling. However it would be interesting to watch as to whether Nifty will cross 14653 and make a new high,” Deepak Jasani, Head of Retail Research at HDFC Securities, said in a statement post market hours.

Global markets

Global shares climbed and the dollar eased on Tuesday ahead of Janet Yellen’s Treasury Secretary confirmation speech, in which she is expected to bolster the case for heavy fiscal stimulus in the world’s largest economy.

Concerns that pandemic lockdowns could slow the road to economic recovery faded into the background as markets prepared for possible positive surprises from the earnings season.

Asian shares posted strong gains and in Europe upbeat earnings reports from miner Rio Tinto and computer peripherals maker Logitech helped the STOXX 600 benchmark index edge up by 0.1 per cent in morning trade.

Wall Street looked set for a strong start, with S&P 500 futures rising 0.6 per cent and Nasdaq futures up 0.9 per cent after the long holiday weekend.

The MSCI world equity index, which tracks shares in 49 countries, was up 0.3 per cent by 0907 GMT.

Asian shares had climbed on investor expectation that China’s economic strength would help TO underpin growth in the region. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5 per cent to a record high.

Data on Monday confirmed that the world’s second-largest economy was one of the few to grow over 2020 and actually gathered pace as the year drew to a close.

–global market input from Reuters

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