Sensex surges 848 points as banking shares rise; Nifty ends above 14,900
NEW DELHI: Equity indices surged on Monday with the benchmark BSE sensex rising nearly 850 points led by gains in banking stocks. Sensex zoomed 848 points or 1.74 per cent to close at 49,581; while the broader NSE Nifty moved 245 points or 1.67 per cent higher to settle at 14,923.
Top gainers in the BSE pack included IndusInd Bank, SBI, ICICI Bank, HDFC twins (HDFC and HDFC Bank), Axis Bank and Bajaj Finserv with their shares rising as much as 7.46 per cent.
On the NSE platform, except for Nifty Media and Pharma, all other sub-indices finished in green with Nifty Bank outperforming the index by climbing as much as 4.01 per cent.
“The decline in the speed of new cases is helping domestic markets,” Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services, told news agency Reuters.
“At this rate, lockdowns might not continue for too long and investor sentiment is upbeat,” he added.
India reported 281,386 new coronavirus infections over the last 24 hours, the lowest since April 21, helped by extended lockdowns in some states.
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On the global front, Asian stock markets were mixed on Monday after Taiwan and Singapore tightened anti-coronavirus restrictions and Wall Street turned in its biggest weekly decline in three months.
Taiwan and Singapore announced restrictions on public gatherings and other curbs over the weekend following a rise in new infections, raising concern the region’s economic recovery might be pushed back.
“Concerns on virus resurgences may continue to linger in the region,” said Yeap Jun Rong of IG in a report.