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Markets eke out slim gains amid Covid-19 resurgence
Domestic benchmarks ended with robust gains; Sensex shoots up 976 points & Nifty ends at 15,175
Sensex zooms 84 pts, Nifty inches 55 pts; metal, IT stocks sparkle
Mumbai: The BSE Sensex gave up early gains but managed to close in the green on Thursday as concerns over rising coronavirus infections and resultant restrictions across the country kept investors on the edge.
A depreciating trend in the rupee also weighed on risk sentiment, traders said. Rising for the third session on the trot, the 30-share BSE benchmark settled 84.45 points or 0.17 per cent higher at 49,746.21.
The broader NSE Nifty advanced 54.75 points or 0.37 per cent to 14,873.80. UltraTech Cement was the top performer among the Sensex constituents, rallying 4.24 per cent, followed by Titan, Tech Mahindra, Nestle India, TCS, Bajaj Finserv and L&T.
On the other hand, IndusInd Bank, ONGC, Sun Pharma, Bajaj Auto, HDFC Bank and Axis Bank were among the laggards, slipping up to 1.07 per cent.
Domestic market continued its optimistic rally supported by dovish monetary policy, though it witnessed consolidation during the second half due to selling in banking stocks.
"Metal stocks led the sectorial rally on a strong outlook supported by rising steel prices and production. Q4 earnings season has started and the market is expected to have a stock-centric rally in the coming days which has a very broad positive view," said Vinod Nair, Head of Research at Geojit Financial Services.
Sectorally, BSE metal, basic materials, consumer durables, industrials, IT and teck rallied as much as 4.44 per cent, while power, utilities, bankex and finance indices fell up to 1.04 per cent.
