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Financials lift Sensex 508 pts up; pharma stocks, HCL Tech miss D-St rally

Investors booked profit in the pharma counters after a healthy rally over the past week. The index settled 0.87 per cent down.

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MARKET WRAP | Q4 Results | India Inc earnings

SI Reporter  | New Delhi 

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EVENT HIGHLIGHTS

Stock market updates: A healthy management commentary by ICICI Bank, post its March quarter results announcement, fuelled rally across the financial sector at the bourses on Monday. Add to it, a positive investment sentiment in the global markets helped the benchmark S&P BSE Sensex and the Nifty50 indices vault over 1 per cent.

That apart, medical support from across the globe, to help India douse the Covid-19 fire, along with acceleration of the mass vaccination drive supported sentiment on Dalal Street.

Among the key headline indices, the 30-share index jumped 508 points to end the day at 48,386.5 levels. The index had started gap-up and had extended gains to hit a high of 48,668 in the intra-day deals.

Only seven of the index constituents ended the day in the red with HCL Tech (down 2.7 per cent) being at the forefront. Following a miss on Q4 result, most brokerages slashed their earnings expectations from HCL Tech, resulting in a dip in the stock. However, they remain bullish on the counter on account of inexpensive valuations and the probability of strong growth in FY22. READ MORE

On the upside, Axis Bank (up 4 per cent), ICICI Bank, Ultratech Cement, State Bank of India, and HUL ended the session as the top gainers. 

On the NSE, the broader Nifty50 index settled below the 14,500-mark at 14,485 levels, up 143.6 points. Earlier today, the index had hit a high of 14,557 levels. 

The broader markets, that were earlier performing in-line with benchmarks, evenutally underperformed at the bourses. The S&P BSE MidCap index closed 0.6 per cent higher while the BSE SmallCap index was up 0.8 per cent. 

Sectorally, investors booked profit in the pharma counters after a healthy rally over the past week. The index settled 0.87 per cent down and was dragged down by losses in Cipla, Aurobindo Pharma, Lupin, Torrent Pharma, and Biocon, down between 0.5 per cent and 3 per cent.

On the contrary, the Nifty Realty index gained 3.4 per cent on the NSE, followed by gains in The Nifty Metal index (up 2 per cent), Nifty Bank (up 1.7 per cent), and Nifty Financial Services (up 1.3 per cent).

Global markets
European stocks clawed their way higher on Monday as world markets began the week in a relatively upbeat mood following further signs last week that economies are recovering rapidly. The broader Euro STOXX 600 gained 0.23 per cent while Germany’s DAX rose 0.22 per cent. Britain’s FTSE 100 climbed 0.21 per cent. 

Asian shares also rallied where MSCI’s broadest index of Asia-Pacific shares outside Japan reached its highest since March 18. The MSCI world equity index, which tracks shares in 49 countries, rose 0.2 per cent.

(With inputs from Reuters)

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