Sensex up 515 points, Nifty hits peak
MUMBAI: Equity benchmark Sensex rallied around 515 points on Monday while the NSE Nifty closed at a fresh peak, led by gains in Reliance Industries Limited (RIL), ICICI Bank and HDFC Bank amid a mixed trend in global markets. A steady decline in daily Covid-19 caseload also strengthened investor sentiment, brokers said.
The 30-share BSE Sensex ended 514.56 points or 1.00% higher at 51,937.44, and the broader NSE Nifty surged 147.15 points or 0.95% to its fresh closing record of 15,582.80.
Reliance was the top gainer in the Sensex pack, surging over 3%, followed by ICICI Bank, Bharti Airtel, Dr Reddy, Maruti and ITC.
On the other hand, M&M,
Infosys, Indusind Bank, L&T, and Sun Pharma were among the laggards.
Of these, shares of M&M slipped 7% to ₹790 on the BSE in intra-day trade on Monday after the management said the tractor industry is expected to grow in low single-digits during the financial year 2021-22 (FY22), with the company focused on gaining market share.
Add to it, the lowest daily case count of Covid-19 infections in 48 days further improved sentiment in the broader market. The country reported 152,734 fresh Covid-19 cases in the last 24 hours, the lowest daily count since April 13, 2021. According to global rating agency
Fitch Solutions, the impact of the second Covid-19 wave on rated Indian firms is expected to be manageable, as most companies’ credit profiles are supported by their strong market positions, adequate balance sheets, liquidity and diversified operations.
Elsewhere in Asia, bourses in Shanghai and Seoul ended on a positive note, while Hong Kong and Tokyo were in the red.
Equities in Europe were trading on a mixed note in mid-session deals.
Meanwhile, international oil benchmark Brent crude surged 1.08% to trade at $69.46 per barrel.