Market

Sensex ends 424 points higher as bank, TCS stocks lift Dalal Street

NEW DELHI: Benchmark indices registered sharp gains on Wednesday amid strong buying interest in banking and financial stocks after RBI Governor Shaktikanta Das allowed the restructuring of retail and MSME loans. Positive global cues also boosted the market sentiment.

Pharma names were in demand while the broader market witnessed keen interest in shipping stocks as well as select PSU stocks. Index rebalancing by MSCI also led to some buying in certain stocks.

The 30-share pack Sensex rose 424.04 points or 0.88 per cent to close at 48,677.55. Its broader peer NSE Nifty advanced 121.35 points or 0.84 per cent to settle at 14,617.85.

“While reassuring RBI’s policy aid, the Governor announced an array of support measures to the Covid-hit sectors viz., restructuring schemes and liquidity measures. India’s Service PMI index reported a marginal decline in April to 54.0 from 54.6 in March 2021 owing to a slowdown in external demand and escalation of the pandemic, but is expected to improve on a QoQ basis from Q2FY21 onwards,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

  • Adani Ports declines 4% after Q4 earnings; margins misses Street estimates
  • Sun Pharma leads gainers on Nifty, up 6%
  • Hikal jumps 10% after co signs multi-year deal to supply API
  • Tata Chemicals falls 1% after Q4 numbers disappoint
  • Fear gauge VIX plunges 5%

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