Sensex, Nifty rise for second day; auto and IT stocks take charge

Equity gauges Sensex and Nifty notched up gains for the second straight session on Thursday, boosted by hectic buying in auto, financial, and IT counters, amid strong global cues.
 
Participants cheered the US government’s decision to back waiver of intellectual property rights for Covid-19 vaccines, which could speed up the vaccination drive in India and other emerging economies, said traders.
 
The Sensex closed higher by 272.21 points or 0.56 per cent, at 48,949.76. In a volatile trade, the 30-share index oscillated between a high of 49,011.31 and a low of 48,614.11 during the day.
 
Similarly, the broader Nifty ended with gains of 106.95 points or 0.73 per cent at 14,724.80.
 
On the Sensex chart, Bajaj Auto, HDFC, Tech Mahindra, Infosys, Nestle India, Maruti and Titan emerged as the prominent gainers, advancing up to 2.61 per cent.
 
On the other hand, PowerGrid, ONGC, Asian Paints, Bajaj Finserv, IndusInd Bank, NTPC and Sun Pharma were the major laggards, dropping as much as 1.24 per cent.
 

Of the Sensex constituents, 20 shares ended with gains.
 
“The trend of positive news alternating with negative news continues. President Biden’s decision to back waiving IP rights on vaccines is a big positive. This will quicken the vaccination process, enabling countries like India to come out of the pandemic faster,” said V K Vijayakumar, chief investment strategist, Geojit Financial Services.
 
But data on daily infections indicate a rise after five days of decline, he said, adding lockdowns and restrictions on mobility are increasing, impacting the economic recovery.