The Indian equity benchmarks surged on Monday as market sentiment improved after domestic coronavirus cases fell below the 300,000 mark for the first time since April 21. The S&P BSE Sensex surged as much as 895 points and Nifty 50 index closed above its important psychological of 14,900. State Bank of India, HDFC Bank, ICICI Bank, HDFC, State Bank of India and Axis Bank were among the op movers in the Sensex.
The Sensex ended 848 points or 1.74 per cent higher at 49,581 and Nifty 50 index jumped 245 points or 1.67 per cent to close at 14,923.
India reported 281,386 new coronavirus infections over the last 24 hours, the lowest since April 21, helped by extended lockdowns in some states.
Nine of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Bank index’s over 4 per cent gain. Nifty Auto, Financial Services, Metal, PSU Bank, Private Bank and Realty indexes also rose between 1.4-3.8 per cent.
On the other hand, select media and pharma stocks witnessed selling pressure.
Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 1.84 per cent and Nifty Smallcap 100 index rose 1.15 per cent.
IndusInd Bank was top Nifty gainer, the stock rose 7.5 per cent to close at Rs 958. State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, UPL, Hindalco, Tata Motors, Adani Ports, HDFC, Eicher Motors, Bajaj Finserv, UltraTech Cement and Kotak Mahindra Bank also rose 2-6.6 per cent.
On the flipside, Cipla, Bharti Airtel, Larsen & Toubro, SBI Life, Nestle India, HDFC Life, Sun Pharma, Maruti Suzuki and NTPC were among the losers.
The overall market breadth was positive as 2,099 shares ended higher while 1,051 closed lower on the BSE.