Hopes of more vaccine approvals send Sensex rebounding after its worst day in 6 weeks
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Benchmark indices Sensex and Nifty partially recovered sharp losses in the previous session.
The S&P BSE Sensex index surged 744.05 points or 1.55% to touch 48,627.43 at the strongest level of the day.
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NEW DELHI: As soon as stock market bulls got a whiff of likely more vaccine approvals in the coming days that would reduce the possibility of lockdowns, benchmark indices surged on Tuesday, partly recovering sharp losses in the previous session.
The market saw a partial reversal of speculative unwinding witnessed on Monday. Bulls again took charge in afternoon deals as the ongoing battle between the coronavirus and vaccine tilted in favour of the latter with approval of the third vaccine, with hopes of many more to come.
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Divis Laboratories Ltd is quoting at Rs 3858.1, up 2.82% on the day as on 12:49 IST on the NSE. The stock is up 64.79% in last one year as compared to a 59.48% spurt in NIFTY and a 44.89% spurt in the Nifty Pharma.
Divis Laboratories Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 3858.1, up 2.82% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 3.31% on the day, quoting at 14343.4. The Sensex is at 47932.9, down 3.34%. Divis Laboratories Ltd has risen around 13.11% in last one month.
Meanwhile, Nifty Pharma index of which Divis Laboratories Ltd is a constituent, has risen around 8.98% in last one month and is currently quoting at 12995.35, up 0.84% on the day. The volume in the stock stood at 14.6 lakh shares today, compared to the daily average of 7.63 lakh shares in last one month.
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The domestic equity indices further extended losses in early afternoon trade. Investor sentiment was dented as Covid-19 cases continued to surge in the country. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in the red.
At 12:20 IST, the barometer index, the S&P BSE Sensex, tumbled 1691.68 points or 3.41% at 47,899.64. The Nifty 50 index lost 490.15 points or 3.30% at 14,344.70.
In the broader market, the S&P BSE Mid-Cap index skid 5.30% while the S&P BSE Small-Cap index declined 4.79%.
The market breadth was strong. On the BSE, 1,878 shares rose and 859 shares fell. A total of 150 shares were unchanged.
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Updated Apr 12, 2021 | 08:48 IST
The Nifty declined 3 out of last 4 weeks as banking & financial stocks declined. The 50-stock index had an almost identical open and close during last week. Trade setup for Indian markets
Key Highlights
Nifty Bank underperformed the most since week of 24 May 2020
Nifty Small & Midcap outperformed the most since week of 28 Feb 2021
Mumbai: The Nifty declined 3 out of last 4 weeks as banking & financial stocks declined. The 50-stock index had an almost identical open and close during last week.
Nifty Bank declined 3 out of last 4 weeks & posted the worst week since 27 September 2020 with the banking index underperforming by the biggest weekly margin since 24 May 2020.
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