Domestic Indices closed with strong gains; Sensex rises 258 points & Nifty 50 closed at 15,097
Domestic Markets surged more than 2%; Sensex zoomed 1128 points & Nifty 50 closed at 14,845
Key benchmark indices ended with strong gains on Thursday, February 25, 2021, rising for the third consecutive session. The S&P BSE Sensex rallied 257.62 points or 0.51 per cent at 51,039.31. The Nifty 50 index added 115.35 points or 0.77 per cent to end at 15,097.35. Nifty Bank ended 96.70 points or 0.27 per cent higher at 36,549.
The broader market at BSE also climbed but underperformed the Sensex. The BSE Mid-Cap index gained 1.09 per cent while the BSE Small-Cap index appreciated 1.42 per cent.
Buyers outpaced sellers. On the BSE, 1,788 shares rose and 1,168 shares fell. On the Nifty 50 index, 35 shares advanced and 15 shares declined. The top five gainers on Nifty 50 were Coal India (up 8.66 per cent), UPL (up 7.32 per cent), Adani Ports (up 5.98 per cent), Hindalco (up 5.17 per cent) and BPCL (up 5.15 per cent). The top five losers were ICICI Bank (down 1.89 per cent), Nestle India (down 1.38 per cent), Divis Lab (down 1.25 per cent), Larsen & Turbo (down 1.09 per cent), and Kotak Bank (down 0.99 per cent).
COVID-19 Update
Total Covid-19 confirmed cases worldwide were at 11,25,53,318 with 24,97,419 deaths. India reported 1,51,708 active cases of Covid-19 infection and 1,56,705 deaths while 1,07,38,501 patients have been discharged.
The US Economy
In Wednesday's testimony in front of the House Financial Services Committee, Fed Chair Jerome Powell said inflation could be volatile as the economy reopens and there's increased demand. Still, the Fed chair does not expect inflation to run hot and said the central bank has tools to combat it if it should. On Wednesday, the Food and Drug Administration's staff endorsed Johnson & Johnson's single-shot Covid-19 vaccine for emergency use, bringing in a third vaccine to the U.S.
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The European Central Bank (ECB) has a close eye on financial markets because a sudden rise in real interest rates could pull the rug out from under the economic recovery, Executive Board Member Isabel Schnabel said. Ms Schnabel's remarks come just days after ECB President Christine Lagarde said officials were "closely monitoring" nominal bond yields.