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 Sensex 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.
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.
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 markets or worry about a surge in Covid-19 cases in India and elsewhere.
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.