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Sensex gains 879 pts as lockdown measures ease, Nifty PSU Bank jumps 7.6%

All that happened in the markets today

Markets | Coronavirus | MARKET WRAP

SI Reporter  | New Delhi 


The bulls continued their upward march on Monday, buoyed by the phased re-opening of the economy post an over two-month lockdown to contain the spread of Covid-19 pandemic. Buying was witnessed across-the-board with PSU bank stocks leading the pack.

The S&P BSE Sensex rallied 879 points or 2.71 per cent to 33,303.52 levels, with 25 of 30 constituents advancing and 5 declining. Bajaj Finance (up over 10 per cent) emerged as the top gainer on the index while Sun Pharma (down 2 per cent) was the biggest loser. 

On the NSE, Nifty settled at 9,826, up 246 points or 2.57 per cent. Volatility index, India VIX, gained over 1 per cent to 30.56 levels. 

Sectorally, Nifty PSU Bank index climbed 86 points or 7.6 per cent to 1,215.40 levels while Nifty Bank rallied nearly 3.5 per cent to 19,960 points. 

As many as 24 securities, including Adani Green Energy, Bayer Cropscience, Divi's Lab, and Cipla hit their fresh 52-week highs on the NSE. On the other hand, 15 securities hit 52-week low. 

In the broader market, the S&P BSE SmallCap index gained over 3 per cent to 11,223 while the S&P BSE MidCap index surged 2.65 points to 12,157 levels. 

Among individual stocks, Biocon hit a record high of Rs 389.85 on the BSE during the day after after its partner Mylan received a favourable ruling from US Patent and Trademark Appeal Board (PTAB) on Sanofi’s four device patents for Lantus SoloSTAR. The stock surpassed its previous high of Rs 368 touched on April 20, 2020. The stock ended at Rs 385.65, up nearly 9 per cent.

Shares of consumer durable companies gained during the session. Voltas ended nearly 12.5 per cent higher at Rs 539.75 on the BSE after it reported encouraging numbers for March quarter. Global brokerage firm Credit Suisse has maintained an 'outperform' rating on the stock with the target price of Rs 650. READ MORE  

Shares of IDBI Bank hit 20 per cent upper circuit at Rs 24.35 apiece on the BSE after the bank reported profit in the March quarter of FY20 (Q4FY20) after reporting losses for 13 straight quarters. READ MORE

Global markets

World stocks were just shy of three-month highs and the dollar weakened further on Monday as optimism on economies opening up boosted risk appetite, shrugging off worries over riots in the US and unease over Washington’s power struggle with Beijing.

In Asia, stocks closed higher led by China on signs parts of the domestic economy were picking up. Hong Kong managed to rally 3.6 per cent, while Chinese blue chips put on 2.4 per cent.

European stocks opened 1 per cent higher led by virus-hit sectors such as travel & leisure, banks and miners but volumes were subdued as Germany, Switzerland and Austria were closed for holidays.

In commodities, oil prices were little changed, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

(With inputs from Reuters)


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