The rally in S&P BSE Sensex was mainly driven by the gains in private bank stocks, where IndusInd Bank gained 15 per cent, Axis Bank share price was up 12 per cent and shares of ICICI Bank were trading 7.5 per cent
After two consecutive days of fall, headline indices Sensex and Nifty gained more than 6 per cent on Tuesday led by the rally index heavyweights such as RIL, HDFC Bank, Infosys and HUL. With today’s surge, investor wealth jumped Rs 6 lakh crore today’s trade. The 30-share Sensex gained 1,589 points to touch a day’s high of 29,180 while the broader Nifty50 index jumped 462 points to hit an intraday high of 8,545. The market capitalisation of the BSE-listed firms zoomed to Rs 114 lakh crore from Friday’s close of Rs 108 lakh crore. Domestic equity, money and commodity markets were closed on Monday on account of Mahavir Jayanti.
The rally in S&P BSE Sensex was mainly driven by the gains in private bank stocks, where IndusInd Bank gained 15 per cent, Axis Bank share price was up 12 per cent and shares of ICICI Bank were trading 7.5 per cent. S&P BSE private Banks index was also up 6.76 per cent. DCB Bank, Bandhan Bank and RBL Bank were among the losers on the index. Among Nifty sectoral indices, Nifty Pharma index surged 9.5 per cent led by gains in Cadila Healthcare, Cipla and Auro Pharma. Similarly, Nifty Bank index was up 7.22 per cent or 1,244 points with IndusInd Bank, Axis Bank and ICICI Bank as the top index gainers.
In an overnight trade on Wall Street, US stocks rocketed higher, with each of the major indexes rallying at least 7%, after a fall in the daily death toll in New York, fueled optimism a leveling off of the pandemic was on the horizon. The Dow Jones Industrial Average rose 1,627.46 points, or 7.73%, to 22,679.99, the S&P 500 gained 175.03 points, or 7.03%, to 2,663.68 and the Nasdaq Composite added 540.16 points, or 7.33%, to 7,913.24.