Sensex rises above 50,000 pts, Nifty regains 15K zone

The market trended higher for the second consecutive session on further drop in fresh daily Covid cases and gained over 1.2 per cent, anticipating limited impact of lockdowns currently in place in various parts of the country.

The Sensex gained 612.60 points, or1.24 per cent, and settled well above the 50000 mark at 50193. The

Nifty-50 too crossed the

15000-mark to close at twomonth high of 15108, gaining 184 points.

"Barring the rising daily deaths and slower vaccination drive, we observe more positivity around the Covid-19 situation. Daily cases have fallen below 0.3 million mark this week with visible peaking, driven by Maharashtra, UP, Delhi, Karnataka, Chhattisgarh, Rajasthan, Haryana,

Gujarat, MP, Telangana, Jharkhand and Bihar. India's recoveries exceeded daily cases for the first time since mid-March and India's share in global recoveries rose to 53 per cent versus 50 per cent in daily cases," JM Financial said about Covid situation.

"Even as 25 states/Union territories (UT) comprising 90 per cent of GDP have lockdown-like curbs overlapping between May

12 and May 24, cases in 20 states/UTs comprising 7072 per cent of GDP have peaked. Thus these restrictions could be eased soon," analysts from JM Financial said.

"NSE's India VIX index, an indicator of market volatility fell further by

1.89 per cent from 19.60 to

19.24 levels, a new low for

2021.Declining volatility is supporting the bullish market sentiment," said analysts.

The broader market outperformed which led to market capitalisation of all companies traded on BSE hitting a new high of over Rs 216.39 lakh crore.

The BSE Mid-cap Index gained 1.87 per cent and BSE Small-cap Index gained 1.28 per cent.

Both foreign portfolio investors and the domestic institutions were net buyers of equities worth Rs 618.49 crore and Rs 449.52 crore respectively.