Business

Sensex, Nifty Close 2% Higher As Financial Stocks Extend Gains


Domestic stock markets jumped nearly 2 per cent on Thursday, extending gains to a second straight day, led by strong buying interest in banking and financial services stocks. The S&P BSE Sensex index jumped as much as 1.89 per cent – or 597.13 points – to touch 32,202.35 during the session, and the broader NSE Nifty 50 climbed to as high as 9,490.65, having started the session higher at 9,364.95 compared to its previous close of 9,314.95.  

The Sensex ended 595.37 points – or 1.88 per cent – higher at 32,200.59, and the Nifty settled at 9,488.45, up 173.50 points – or 1.86 per cent – from its previous close.

In the 50-scrip Nifty index, 42 stocks moved higher for the day. Zee Entertainment, Eicher Motors, Larsen & Toubro, Hero MotoCorp and HDFC Bank – ending between 4.85 per cent and 9.58 per cent higher – were the top percentage gainers.

On the other hand, Wipro, ITC and Cipla were the top Nifty laggards, declining 0.92 per cent, 0.60 per cent and 0.52 per cent respectively.

HDFC Bank (ending 4.56 per cent higher), HDFC (3.46 per cent) and Reliance Industries (1.78 per cent) alone accounted for a gain of more than 300 points in the Sensex.

“The banking stocks have been a major underperformer and drag in the Indian markets. Some stocks hit fresh lows and traders chipped in and sought bargains,” said Saurabh Jain, assistant vice president of research at SMC Global Securities.

“There are concerns with respect to the banking sector and the delinquency which is going to rise. This surge mostly looks like a small bounce,” he added.

Analysts awaited macroeconomic data for more clarity on the economic damage caused by the coronavirus pandemic. 

The government will release data on GDP or gross domestic product for the quarter ended March 31 at 5:30 pm on Friday.



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