India equity benchmarks logged their best single-day gains in more than a month boosted by the country’s largest lenders.
The S&P BSE Sensex added 1.74% to 49,580.73, its best gains since March 30, while the NSE Nifty 50 Index advanced by a similar magnitude. Seventeen of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of banks.
Both the Sensex and the Nifty ended last week lower amid concerns that coronavirus cases may trigger a national lockdown. The world’s worst outbreak saw the daily infection tally moderate to around 300,000 for the last few days from a peak of 410,000 a week ago.
“Markets are rejoicing the early signs of virus peak and stability in the global markets. But we feel participants shouldn’t read much into a single-day rise and wait for a decisive break above 15,000 in Nifty,” Ajit Mishra, vice president-research at Religare Broking Ltd., said in an emailed statement. “Needless to say, the performance of the banking and financial pack holds importance. Meanwhile, participants should continue with a positive yet cautious approach and maintain their focus on risk management.”