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Sensex gains 84 pts as metal, IT stocks shine; broader markets outperform

The Nifty PSU Bank and Bank indices shed 0.8 per cent and 0.6 per cent, respectively today while the Nifty Private Bank and Financial Services indices slipped 0.6 per cent and 0.3 per cent

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MARKET WRAP | Markets | Sensex

SI Reporter  | New Delhi 

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Stock market updates: A sudden bout of last-hour sell-off in the banking and financial stocks trimmed gains on the benchmark indices on Thursday. After surpassing the psychological levels of 50,000 and 14,900 on the and the Nifty, rising 0.5 per cent in the early morning deals, the indices ended around 0.2 per cent higher. 

The Nifty PSU Bank and Bank indices shed 0.8 per cent and 0.6 per cent, respectively today while the Nifty Private Bank and Financial Services indices slipped 0.6 per cent and 0.3 per cent, respectively.

On the upside, the Nifty Metal index jumped 4 per cent amid firm global cues and steady rise in the metal prices. Hot-rolled coil prices in China — that acts as the global benchmark for steel prices — are up 28 per cent since the beginning of the current calendar year; they are up 116 per cent in the past 12 months. 

That apart, investors also bought IT stocks ahead of a likely strong March quarter earnings' show. The Nifty IT index hit a record high of 27,413 in the intra-day trade, before ending at 27,134 level, up 1 per cent. 

Overall, the S&P BSE and the closed at 49,746 and 14,874 levels, up 84 points and 55 points, respectively. 

In the broader markets, the S&P BSE SmallCap index hit a record peak of 21,557 levels before closing at 21,449, up 0.73 per cent. The BSE MidCap index, on the other hand, ended at 20,778 levels, up 0.6 per cent.

Fiscal 2021-22 (FY22), according to G Chokkalingam, founder and chief investment officer at Equinomics Research will belong to the mid-and small-cap segments. He expects these two segments to outrun their large-cap peers going ahead. READ MORE

Global markets
Asian share lagged on Thursday as US stock futures nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose even as the economy enjoys a rapid recovery.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat while Japan’s Nikkei eased 0.3% and Chinese blue chips 0.1%, with trading very subdued.

In Europe, the pan-European STOXX 600 index rose 0.3 per cent.

(With inputs from Reuters)

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