Sensex rises 508 points as banking, realty stocks surge; Nifty settles at 14,485
Top gainers in the sensex pack included Axis Bank, Ultra Cemco, ICICI Bank, HUL, SBI and PowerGrid. (Representative image)
NEW DELHI: Equity indices jumped higher on Monday with the benchmark BSE sensex rising over 500 points led by gains in banking, realty and metal stocks.
The 30-share BSE index finished 508 points or 1.06 per cent to close at 48,387; while the broader NSE Nifty settled 143 points or 1 per cent higher at 14,485.
Top gainers in the sensex pack included Axis Bank, Ultra Cemco, ICICI Bank, HUL, SBI and PowerGrid with their shares rising as much as 4.08 per cent.
While HCL Tech, Sun Pharma, HDFC Bank and Maruti were the top losers falling up to 2.7 per cent.
On the NSE platform, sub-indices Nifty Realty, Banking and Metal stocks surged up to 3.4 per cent.
Domestic equities look to be positive at the moment, Binod Modi head-strategy at Reliance Securities told news agency PTI.
He noted that while a persistent rise in Covid-19 cases across the nation and enhanced economic restrictions have dented investor sentiments over the last couple of weeks, manufacturing and infrastructure activities have not halted yet and companies appeared to be proactive this time to convince most workers to stay back by offering basic amenities and facilities.
“Therefore, a large economic damage like last year is unlikely to happen. Further, cancellation of bond auctioning at higher rate by the RBI last week validates RBI’s strong commitment to maintain low-rate interest scenario and support economic activities,” he added.
Total Covid-19 cases in India surged by a 352,991, a fifth straight day of record jump in new infections, as the increase overwhelmed the healthcare system and prompted nations like the United States to offer aid.
Meanwhile, foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,360.76 crore on Friday, according to provisional exchange data.
Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while Tokyo and Seoul were in the positive terrain.
Stock exchanges in Europe were largely trading with losses in mid-session deals.
International oil benchmark Brent crude was trading 1.74 per cent lower at $64.28 per barrel.
(With inputs from agencies)