Investors make Rs 2.1 lakh crore as Sensex extends rally to third day on earnings boost
SECTIONS
Investors make Rs 2.1 lakh crore as Sensex extends rally to third day on earnings boostBy
Share
Synopsis
A buying spree by domestic institutional investors and retail investors is also negating the impact of foreign fund outflows, say analysts.
The NSE Nifty 50 index gained 211.50 points or 1.44% to end at 14,864.55.
Related
NSE
Explore Now
NEW DELHI: Equity benchmarks extended a rally to the third day in a row on Wednesday as short covering ahead of the F&O expiry and better-than-expected March quarter numbers from banking companies lifted the spirits on Dalal Street.
Market Wrap, April 28: Here s all that happened in the markets today
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Led by the healthy buying in index heavyweights Reliance Industries and banking and financial counters, domestic benchmark indices edged higher for the second day in a row. Analysts believe stocks are up in anticipation of good quarterly earnings and improved outlook due to a hike in stock prices and demand. Concerns on the Covid front still lingered in the backdrop. Meanwhile, investor focus will shift to the US Fed s policy meet outcome slated for tomorrow. The BSE Sensex settled close to day s high at 558, up 48,944 points amid across the board buying. It had touched an intra-day high of 49,009. Meanwhile, NSE s Nifty50 shut shop 168 points higher at 14,653.
The domestic equities indices further extended gains and hit a fresh intraday high in early afternoon trade. The Nifty crossed the 14,600 level. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in the green.
At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 418.49 points or 0.86% at 48,805. The Nifty 50 index gained 123.60 points or 0.85% at 14,608.60.
In the broader market, the S&P BSE Mid-Cap index added 0.73% while the S&P BSE Small-Cap index rose 1.24%.
The market breadth was strong. On the BSE, 1,852 shares rose and 910 shares fell. A total of 153 shares were unchanged.
Derivatives:
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, fell 1.38% to 23.17. The Nifty 29 April 2021 futures were trading at 14,615.25, at a premium of 6.65 points as compared with the spot at 14,608.60.
Domestic benchmark indices rose on Monday, tracking gains in ICICI Bank, Reliance Industries, Axis Bank and SBI, amid positive trends in global markets and hopes that surging coronavirus cases could peak soon and mitigate the pandemic s economic impact. Total Covid-19 cases in India surged over 3,50,000 on Sunday, a record jump in infections. However, analysts believe the current virus wave will not have an impact on the stock market similar to that of the first, lending some confidence to investors. Besides, the pick-up in pace of vaccination also aided the sentiment. Amid this backdrop, BSE barometer Sensex settled the day at 48,387, up 508 points. The index had gained as much as 790 points in the intra-day today. Meanwhile, NSE s Nifty50 index added 144 points to close at 14,485.
vimarsana © 2020. All Rights Reserved.