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

From a low of 30,555 hit earlier in the day, the Nifty Bank index ended at 31,783, up 2.15 per cent

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MARKET WRAP | Markets | Markets Sensex Nifty

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKET LIVE: Sensex rallies 400 pts, tops 48,000; defensives on backfoot
Stock market LIVE updates: A steep gap-down opening was quickly bought into as supportive global cues and expectations that the mass vaccination drive would help curtail the raging second Covid-19 wave in the country gave ammunition to the bulls. From the day's low of 47,204, the benchmark S&P BSE bounced back over 900 points to hit a high of 48,143 on the back of a brisk-buying in financial and metal counters. 

By close, the BSE barometer was at 48,081 levels, up 375 points or 0.79 per cent. The broader Nifty50, on the other hand, gained 255 points higher from the day's low to settle at 14,406, up 110 points or 0.77 per cent. 

About 18 of the 30 constituents on the and 27 of the 50 constituents on the Nifty ended the day in the green with Wipro, ICICI Bank, JSW Steel, Tata Steel, HDFC, Bajaj Auto, and BPCL topping the charts on the latter. On the Sensex, HDFC Bank, Bajaj Finance, Kotak Mahindra Bank, and SBI were the additional gainers. All these stocks were up in the range of 2 per cent to 3.5 per cent.

On the downside, Shree Cement, Titan, Tata Consumer Products, HUL, Nestle India, Asian Paints, and Ultratech Cement ended the day as top laggards on the Nifty, down up to 3 per cent.

Fund rotation was evident during the last hour of trade as banking counters turned winners from laggards on the NSE. From a low of 30,555 hit earlier in the day, the Nifty Bank index ended at 31,783, up 2.15 per cent. Meanwhile, the Nifty Financial Services, Private Bank, and Metal indices gained 2.2 per cent, 1.8 per cent, and 1.7 per cent, respectively.

On the contrary, pharma and IT stocks pared their gains and ended in the red today. All the three defensive indices -- Nifty IT, FMCG, and Pharma -- slipped up to 0.75 per cent on the NSE. 

The broader markets, however, underperformed at the bourses with the S&P BSE MidCap and SmallCap indices closing 0.28 per cent and 0.59 per cent higher, respectively.

Global markets
Global stocks ground higher while oil ebbed on Thursday as investors diverged over whether to bet on economic recovery in the United States and other developed or worry about a surge in Covid-19 cases in India and elsewhere.

MSCI’s broadest global gauge of stocks was up 0.2 per cent in early European deals, while Europe’s top indexes posted stronger gains ahead of the European Central Bank's monetary policy outcome. The broad STOXX Europe 600 was up 0.5 per cent.

In Asia, Japan’s Nikkei 225 rose 2.4 per cent and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent.

(With inputs from Reuters)

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