Bank, NBFC stocks fire up market 1 per cent, Sensex surges 620 points

Our Bureau Mumbai | Updated on May 17, 2021

A decline in active caseload also positively impacted market sentiment

Benchmark indices extended gains in the afternoon session on Monday, led by banking and financial stocks.

Supported by heavyweights such as ICICI Bank and HDFC, the markets gained further despite mixed global cues. While the US markets closed on a strong note on Friday, Asian shares traded mixed. A decline in active caseload, according to official data, has also positively impacted market sentiment.

At 1 pm, the BSE Sensex was ruling at 49,352.17, up 619.62 points or 1.27 per cent. It hit an intra-day high of 49,386.39 and a low of 48,923.13. Nifty 50 was at 14,846.90, up 169.10 points or 1.15 per cent. It hit an intra-day high of 14,860.05 and a low of 14,725.35.

State Bank of India, IndusInd Bank, UPL, ICICI Bank and Bajaj Finserv were the top gainers on the Nifty 50, while Cipla, L&T, Bharti Airtel, Sun Pharma and SBI Life were among the top laggards.

According to Dr V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the US inflation numbers and internally India's Covid data are likely to impact the markets.

Meanwhile, India’s Wholesale Price Inflation (WPI) climbed to 10.49 per cent YoY in April versus 7.39 per cent in March owing to a steep rise in prices of crude petroleum and mineral oils, viz, petrol, diesel etc.

Sectoral and broader indices

All sectoral indices except Nifty Pharma and Nifty Media were in the green, as financials and bank stocks rallied. Auto stocks also gained.

Nifty Bank was up 3.03 per cent, while Nifty Financial Services was up 2.42 per cent. Nifty Private Bank and Nifty Financial Bank were up 2.82 per cent and 3.12 per cent, respectively. Nifty Auto was up 2.01 per cent. Meanwhile Nifty Pharma was down 0.52 per cent. All the broader indices were also in the green.

Nifty Midcap 50 was up 1.04 per cent, while the Nifty Smallcap 50 was up 0.80 per cent. The S&P BSE Midcap was up 1.16 per cent, while the S&P BSE Smallcap was up 1.27 per cent.

Notably, the volatility index softened 4 per cent to 19.46.

Published on May 17, 2021

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