Bulls propel Sensex over 374 pts, Nifty above 14,400
Rupee slips 6 paise to 74.94 against US dollar due to a persistent rise in Coronavirus cases across the country
MUMBAI: Equity benchmarks darted up on Thursday after two sessions of losses as investors piled into banking and finance stocks even as the deteriorating COVID-19 situation remained a concern.
The benchmarks were propped up by bargain-hunting in select frontline counters as well as supportive global cues, traders said.
After skidding 501 points in the opening session, the 30-share BSE Sensex pared all losses to end 374.87 points or 0.79 per cent higher at 48,080.67.
Similarly, the broader NSE Nifty jumped 109.75 points or 0.77 per cent to finish at 14,406.15.
ICICI Bank was the top gainer in the Sensex pack, spurting 3.60 per cent, followed by HDFC, Bajaj Auto, HDFC Bank, SBI, Kotak Bank, Bajaj Finance and Axis Bank.
On the other hand, Titan, HUL, Asian Paints, Nestle India, UltraTech Cement and Tech Mahindra were among the laggards, shedding up to 2.75 per cent.
“A persistent rise in COVID19 cases across the country and enhanced mobility restrictions imposed by number of states are expected to remain as key drags for the market in the near term. This has certainly started posing as a threat to corporate earnings recovery.
Sector-wise, BSE bankex, finance, metal, realty and basic materials indices rose up to 2.14 per cent, while consumer durables, FMCG, IT and teck closed lower.
Broader BSE midcap and smallcap indices rose up to 0.59 per cent.
Global markets were largely in the positive territory as investors monitored the vaccination progress and economic recovery in multiple countries, though the unabated rise in COVID19 cases remained an overhang.
Meanwhile, international oil benchmark Brent crude was trading 0.51 per cent lower at $64.99 per barrel.
The rupee weakened further by 6 paise to close at 74.94 against the US dollar as a persistent rise in COVID-19 cases and enhanced restrictions imposed by a number of states weighed on investor sentiment.