Investors dump FMCG for financials; Sensex gains 375 pts, ends above 48K

Equity benchmarks darted up on Thursday after two sessions of losses as investors piled into banking and finance stocks, even as the deteriorating Covid-19 situation remained a concern.
 
The benchmarks were propped up by bargain-hunting in select frontline counters as well as supportive global cues, traders said. After skidding 501 points in the opening session, the Sensex pared all losses to end 374.87 points or 0.79 per cent higher at 48,080.67. Similarly, the broad­er Nifty jumped 109.75 points or 0.77 per cent to finish at 14,406.15. ICICI Bank was the top gainer in the Sensex pack, spurting 3.60 per cent, followed by HDFC, Bajaj Auto, HDFC Bank, State Bank of India, Kotak Mahindra Bank, Bajaj Finance, and Axis Bank.
 
On the other hand, Titan, Hindustan Unilever, Asian Paints, Nestlé India, UltraTech Cement, and Tech Mahindra were among the laggards, shedding up to 2.75 per cent.

 
“A persistent rise in Covid-19 cases across the country and enhanced mobility restrictions imposed by number of states are expected to remain as key drags for the market in the near term. Notably, possibility of supply disruption and increased Covid-19 cases in hinterland area can further hurt economic momentum. We believe market is expected to remain volatile until we see a reversal in Covid-19 cases,” said Binod Modi, head (strate­gy) at Reliance Securities.