Markets extend gains to second day as banks, financial stocks rally

The Sensex and Nifty closed in the green after a volatile session on Thursday as investors accumulated banking, finance and select IT counters despite an unabated rise in Covid-19 cases.

A recovering rupee and positive global cues also propped up the bourses, traders said.

After gyrating 877 points during the day, the 30-share BSE Sensex ended 259.62 points or 0.53 per cent higher at 48,803.68. Similarly, the broader NSE Nifty advanced 76.65 points or 0.53 per cent to 14,581.45.

TCS topped the Sensex gainers' chart, climbing 3.67 per cent, followed by ONGC, ICICI Bank, HDFC Bank, Dr Reddy’s, HDFC, Axis Bank and HCL Tech. On the other hand, Infosys was the biggest loser, dropping 2.65 per cent after its March 2021 quarter earnings missed market expectations.

The IT services major had on Wednesday posted a 17.5 per cent rise in net profit to Rs 5,076 crore for the March quarter, and announced up to Rs 9,200 crore buyback offer at a maximum price of Rs 1,750 per share.