Sensex adds 848 pts, ends at 49,581 on broad-based buying; Nifty Bank up 4% – Business Standard

Stock market updates: A sharp drop in Covid-19 cases lifted benchmark indices nearly 2 per cent higher on Monday. The frontline S&P BSE zoomed 848 points to settle the day at 49,581 levels, lifted largely by financial counters.

Eight of the top 10 index contributors included names like HDFC Bank, ICICI Bank, HDFC, SBI, Axis Bank, and Kotak Mahindra Bank. Reliance Industries and Infosys were the remaining two contributors. 

On the NSE, the reclaimed the 14,900-mark and ended at 14,923 levels, up 245 points. About 39 of the 50 constituents ended the day in the green today including IndusInd Bank (up 7.5 per cent), SBI, ICICI Bank, HDFC Bank, UPL, Axis Bank, Tata Motors, and Eicher Motors.

On the downside, Cipla, L&T, Bharti Airtel, Nestle India, Sun Pharma, HDFC Life, and Maruti Suzuki were the top laggards, down up to 2.4 per cent.

In the broader market, the S&P BSE MidCap and SmallCap indices ended 1.6 per cent higher each. 

On the sectoral front, all but Nifty Pharma index ended the day with gains. The Nifty Bank index added 4 per cent on the NSE today, trailed by the Nifty Financial Services index (up 3 per cent), and the Nifty Metal index (up 2.5 per cent). On the contrary, the Nifty Pharma index slipped 0.14 per cent on profit booking.

Global markets
European stocks dipped on Monday after staging a sharp recovery late last week, as underwhelming Chinese data and a resurgence of Covid-19 cases in some Asian countries outweighed optimism over the reopening of the British economy.

The pan-European STOXX 600 index slipped 0.1 per cent, adding to last week’s marginal losses spurred by a US inflation scare.

In Asia, Japan’s Nikkei dropped 0.9 per cent and South Korea’s Kospi slipped 0.6 per cent. China’s CSI30 index and Hong Kong’s Hang Seng, on the other hand, added 1.5 per cent and 0.6 per cent, respectively.

(With inputs from Reuters)

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