Advertisement
X

Decline in Daily Covid Cases Boosts Sensex by Over 100 Points

Rupee closes at 72.96 against the US dollar; fresh Covid cases remain below three-lakh mark

Equity benchmarks Sensex and Nifty gained for the second straight session on Monday, boosted by banking and finance counters, as investors were encouraged by a continuing decrease in Covid-19 cases.

Advertisement

Mixed global cues and a weakening rupee capped the gains, traders said.

The 30-share BSE Sensex climbed 111.42 points or 0.22 per cent to finish at 50,651.90. The broader NSE Nifty rose 22.40 points or 0.15 per cent to 15,197.70.

SBI was the top gainer in the Sensex pack, advancing 2.73 per cent, followed by L&T, Axis Bank, PowerGrid, ITC, Maruti, Dr Reddy's and HDFC.

Most of the index’s gains were attributed to heavyweights HDFC twins.

On the other hand, Titan, IndusInd Bank, M&M, HUL, UltraTech Cement and Bajaj Finserv were among the major losers, faltering by up to 1.22 per cent.

Domestic equities stayed encouraging despite mixed overseas cues as the insistent decrease in the daily Covid-19 caseload and improvement in recovery rate continued to lift investors’ sentiments, said Binod Modi, Head - Strategy at Reliance Securities.

"...a steady decline in fresh Covid cases and hopes of the lockdown being lifted sooner has influenced the domestic market to extend its gains. Positive quarterly earnings and easing asset quality woes helped banking stocks to attract buying interest while mid and small-cap stocks outperformed. 

Advertisement

"On the global front, UK and US Manufacturing PMI data reported record-high numbers, however investors are awaiting inflation data for guidance on monetary policy," said Vinod Nair, Head of Research at Geojit Financial Services.

Daily Covid-19 infections in India dipped to 2,22,315, the lowest in around 38 days, pushing the total tally of coronavirus cases to 2,67,52,447, while the death toll crossed the 3-lakh mark, according to the Union Health Ministry data updated on Monday.

Sector-wise, BSE power, oil and gas, utilities, realty, capital goods and industrials indices rose as much as 1.89 per cent, while telecom, metal, FMCG and consumer durables ended in the red.

Broader BSE midcap and small-cap indices rose up to 0.86 per cent.

The rupee declined by 13 paise to close at 72.96 against the US currency on Monday as rising crude oil prices weighed on investor sentiment.

Global equities were mixed as investors anticipated essential US inflation data for cues on the Federal Reserve's monetary policy stance.

Advertisement

In Asia, bourses in Shanghai and Tokyo ended on a positive note, while Hong Kong and Seoul were in the red.

Markets in Europe largely traded with gains in mid-session deals.

Show comments