SENSEX RALLIES 1,148 POINTS, MAVENS SEE MORE UPSIDE

INVESTOR WEALTH JUMPS RS 9.41 LAKH CR IN 3 DAYS OF BULL RUN

Continuing their winning run for the third session in a row, the BSE Sensex surged nearly 1,148 points to breach the 51,000-level and the NSE Nifty recaptured the 15,200-mark on Wednesday, propped up by intense buying in financial and energy stocks.

At the closing bell, the 30-share Sensex was up 1,147.76 points or 2.28 per cent at 51,444.65 -- the biggest singleday rise since February 2. Intra-day, the index swung 1,243 points.

Likewise, the NSE Nifty climbed 326.50 points or 2.19 per cent to end at 15,245.60 with 43 of its constituents closing in the green.

Over the last three sessions, the Sensex has risen by 2,344.66 points or 4.77 per cent while the Nifty has added 716.45 points or 4.93 per cent.

The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank.

Of the 30 Sensex constituents, 27 closed in the green. Bajaj Finserv rose the most by 5.15 per cent.

Reliance Industries rose by 4.52 per cent a day after its telecom arm emerged as lead buyer in spectrum auctions.

Reliance Jio picked up 488.35 MHz of spectrum in bands such as 800 MHz, 1800 MHz and 2300 MHz for Rs 57,122.65 crore.

Analysts said strengthening of spectrum footprints by Bharti Airtel and Reliance Jio in the auctions is expected to yield market share gains for the two telcos.

Bharti Airtel, which bid about Rs 18,699 crore to pick up 355.45 Megahertz, rose by 0.92 per cent.

"Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth.

The Indian market was on a rising streak echoing the global sentiment," Vinod Nair, Head of Research at Geojit Financial Services said.

Axis Securities sees the Nifty 50 index at 17200 points by December, up 7% from its earlier estimate because of increase in earnings estimates.

The brokerage believes that given the ongoing economic revival and strong demand cycle, further corporate earnings upgrades are likely.

The brokerage has raised its earnings estimates by 9% for 2020-21, by 8% for 2021-22, and by 7% for 2022-23, on expectations of consistent earnings recovery.