Stocks

Benchmark indices extend gains, Sensex up over 400 points

Internet Desk | Updated on May 17, 2021

Nifty rides up 114 points at 14,791

The benchmark indices, the BSE Sensex and NSE Nifty, which spurted 0.5 per cent each at the open, extended their gains in the morning session.

At 10:08 am, the Sensex was up 413 points or 0.85 per cent at 49,145. The Nifty gained 114 points or 0.78 per cent at 14,791.

The top gainers on the Sensex were IndusInd Bank, Bajaj Financial Services, SBI, ICICI Bank and Bajaj Finance. The laggards were L&T, NTPC, Titan, Bharti Airtel and Tech Mahindra.

According to a PTI report, Sensex surged over 300 points in early trade, tracking gains in index majors HDFC twins, ICICI Bank and Infosys.

In the previous session, the Sensex ended 41.75 points or 0.09 per cent higher at 48,732.55, while the Nifty slipped 18.70 points or 0.13 per cent to 14,677.80.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹2,607.85 crore on Friday, as per provisional exchange data.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there are two macro numbers that will exert a big influence on the markets — externally, US inflation numbers; and internally, India’s Covid data.

“The jury is still out on the US inflation with the Fed claiming that the spike in inflation in April is transitory and many economists and market experts believe that inflation will continue to rise to force the Fed to taper earlier than expected. We will have to wait to see how the inflation scenario plays out.

“The other number, India’s COVID data, indicates steady improvement with fresh cases steadily declining and the latest number at 2.81 lakh is indeed very positive. And, the recovery numbers at 3.78 lakh indicate a steady decline in total caseload. This means the present increasing lockdowns will be a temporary phase which is likely to be ignored by the market,” he said.

Elsewhere in Asia, bourses in Shanghai and Hong Kong were trading on a positive note in mid-session deals, while Tokyo and Seoul were in the red.

Meanwhile, international oil benchmark Brent crude was trading 0.19 per cent higher at $68.84 per barrel.

Published on May 17, 2021

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