Of 50 stocks in Nifty 50 index, 42 scrips advanced and 8 declined. ZEEL, Eicher Motors, LT, Hero MotoCorp and HDFC Bank were the top index gainers
Extending the 1000 points jump in the previous session, BSE Sensex soared 600 points on Thursday helped by buying in auto and banking stocks. The 30-share Sensex mounted 32,000-mark while the broader Nifty50 index advanced 175 points to end near the crucial 9,500-mark, at 9,490. Among top Sensex gainers were LT, Hero MotoCorp, IndusInd Bank, HDFC Bank and Maruti Suzuki. While ITC led the pack of losers on the index. “Indian markets are banking on the continued resumption of economic activities, in spite of a high number of new infections. Further stimulus measures are also expected to boost demand in the economy and help the most impacted sectors to recover,” said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty Auto index advances nearly 4%: Except Nifty PSU Bank, all the sectoral indices ended the session with upticks. Eicher Motors shares led the rally in the Nifty Auto index, as the company informed that the board will take a call on the proposal of a sub-division or split of the equity shares. The manufacturer of the Royal Enfield motorcycles was followed by Motherson Sumi Systems, Bharat Forge and Hero MotoCorp.
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Broader markets: The broader market, mid-caps and small-caps, performed in line with the benchmarks, as their sectoral indices on BSE closed 1.34 per cent and 1.42 per cent higher.
ZEEL top Nifty50 gainer: Of 50 stocks in Nifty 50 index, 42 scrips advanced and 8 declined. ZEEL, Eicher Motors, LT, Hero MotoCorp and HDFC Bank were the top index gainers. While the top laggards were Wipro, ITC, Cipla, SBI and JSW Steel.
F&O Expiry: Nifty50 gained over 400 points in the last two days to close near 9,500 in today’s session. “Even after the announcement of a much-needed relief package of 20 lakh crore, markets reacted negatively and went down till 8800 level before turning up. Despite weak volume in the first quarter so far Auto being the top gainer for the month followed by metals while banks continued to underperform. From a derivative point of view, this is one of the rare expiries when the future basis is so depressed. I am still of the view that there is a weakness in the market and the level near 9500 are unlikely to sustain,” said Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services.