Stocks

Sensex closes above 50,000, Nifty moves past 15,000

Our Bureau Mumbai | Updated on May 18, 2021

All indices except Nifty FMCG, Pharma and PSU Bank closed in green

Market maintained bullish sentiments through the day gaining over on per cent, led by auto stocks. After a gap-up opening, market sustained the gains, thanks to positive global cues and a decline in active Covid-19 cases.

The BSE Sensex breaching the psychological 50,000-mark closed at 50,193.33, up 612.60 points or 1.24 per cent. It hit an intra-day high of 50,313.25 and a low of 49,959.20. The Nifty 50 index also closed above the 15,000-mark at 15,108.10, up 184.95 points or 1.24 per cent. During the day, the index touched a high of 15,137.25 and a low of 15,043.70.

The breadth of the market remained positive with 1,946 stocks advancing, 1,144 declining and 164 remaining unchanged on the BSE. As many as 435 securities hit the upper circuit and 165 the lower circuit; 312 hit their 52-week high while 22 touched 52-week low.

Binod Modi, Head Strategy at Reliance Securities, said, “Domestic equities extended gains as early sign of decline in Covid-19 daily caseload and improving prospects of faster economic recovery emboldened investors. Additionally, strong cues from Asian markets also supported today’s rally.”

Mahindra & Mahindra, Bajaj Auto, Titan, Bajaj Finance and Adani Ports were the top gainers on the Nifty 50 while Bharti Airtel, ITC, Coal India, Dr Reddy and Divi’s Lab were the top laggards.

“Notably, auto, IT, financials (excluding PSU banks) and RIL witnessed sharp recovery and supported market, while pharma and FMCG remained subdued. Expectations of sharp improvement in volume in coming months owing to likely increase in preference of personal mobility aided automobile stocks. A sharp rally in domestic markets helped investors’ wealth to grow over ₹5.5 trillion in last two days,” said Modi.

Sectoral and broader indices

On the sectoral front, all indices except Nifty FMCG, Nifty Pharma and Nifty PSU Bank closed in the green.

Nifty PSU Bank was down 1.27 per cent; the Nifty Pharma and Nifty FMCG indices were down 0.19 per cent each.

However, auto stocks recorded the biggest gains. Financials and metal stocks too maintained the momentum. The Nifty Auto index was up 3.22 per cent while the Nifty Metal index gained 1.66 per cent. Nifty Bank was up 1.38 per cent while Nifty Financial Services was up 1.48 per cent.

All broader indices were also in green as midcap stocks outperformed the benchmarks.

Nifty Midcap 50 was up 2 per cent while Nifty Smallcap 50 was up 1.48 per cent. The S&P BSE Midcap was up 1.87 per cent while the S&P BSE Smallcap was up 1.28 per cent.

Notably, the volatility index softened 1.87 per cent to 19.24.

Published on May 18, 2021

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