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Markets shrug off concerns over surging Covid cases, rise 1%

The 30-share BSE Sensex opened strongly and remained in the positive territory all through the day, closing at 48,386.51 — up 508.06 points or 1.06 per cent.

By: ENS Economic Bureau | Mumbai |
Updated: April 27, 2021 12:58:47 am
bse, bse sensex, bombay stock exchangeBombay stock exchange in Dalal street. (File express photo by Nirmal Harindran)

Market benchmarks made a healthy start to the week on Monday as investors rushed to banking, consumption and energy stocks, in spite of the grim situation on the Covid-19 front.

The 30-share BSE Sensex opened strongly and remained in the positive territory all through the day, closing at 48,386.51 — up 508.06 points or 1.06 per cent.

Similarly, the 50-share NSE Nifty jumped 143.65 points, or 1 per cent, to finish at 14,485.

In the Sensex pack, Axis Bank was the top performer, rallying 4.40 per cent. ICICI Bank spurted 3.63 per cent after the company reported a nearly four-fold jump in March quarter consolidated profit over the weekend.

Meanwhile, HCL Tech, HDFC Bank, Maruti, Sun Pharma, TCS, NTPC and ITC were the laggards, dropping as much as 2.87 per cent.

“Domestic equities shrugged off rising Covid-19 cases and rebounded mainly led by sharp recovery in financials,” said

Binod Modi, head—strategy at Reliance Securities.

Vinod Nair, head of research at Geojit Financial Services said the market may remain volatile in the coming days as Covid cases continue to be high, with April F&O expiry and the upcoming Federal Open Market Committee (FOMC) meeting in the US being crucial events this week.

Meanwhile, the rupee gained 28 paise over the US dollar to close at 74.73 on Monday, ending its four-session losing run amid weakness in the greenback and positive domestic equities.

A fall in crude oil prices and improved risk appetite supported the local unit even as worries over surging Covid-19 cases restricted the gains. In the four sessions to Friday, the rupee had declined by 66 paise or 0.89 per cent on worries over a record surge in cases and lockdowns in various states.

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