Dip in Covid-19 cases boosts Sensex, Nifty hits record high

Dip in Covid-19 cases boosts Sensex, Nifty hits record high National Stock exchange building in Mumbai (Source: ANI)

Mumbai: Equity indices gained over half a per cent during early hours on Friday. At 10:15 am, the BSE S&P Sensex was up by 303 points or 0.59 per cent at 51,418 while the Nifty 50 gained by 101 points or 0.66 per cent to 15,439 and scaled fresh lifetime high.

In the 30-share BSE index, ONGC was the top gainer in the Sensex pack, jumping over 3 per cent, followed by Reliance Industries, SBI, IndusInd Bank, HDFC, ICICI Bank and Axis Bank. On the other hand, Sun Pharma, Dr Reddy’s, M&M, Bajaj Auto and Nestle India were among the laggards. Pharma stocks lost on profit booking with Sun Pharma down by 2.9 per cent and Dr Reddy’s by 1.5 per cent.

Analysts said the overall structure of the market remains positive as investors are upbeat about unlocking of the economy next month which will help revive commercial activities.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the best news for the economy and markets is coming from the COVID data which has shown a dip in fresh cases to 1.86 lakhs during the last 24 hours. “This will certainly pave the way for the progressive removal of restrictions on economic activity,” he said.

Read Also: Coronavirus India Update: With 1,86,364 new cases, infections fall below 2-lakh mark on May 28

Except for Nifty pharma which dipped by 0.9 per cent and IT by 0.2 per cent, all other sectoral indices at the National Stock Exchange were in the green with Nifty metal moving up by 2.27 per cent, financial service and PSU bank moving up by 0.7 per cent each.

Among stocks, Tata Steel gained by 3.3 per cent to Rs 1,133.85 per share while JSW Steel was up by 3 per cent to Rs 702.25 and Hindalco by 2.2 per cent to Rs 394.25. Index heavyweight Reliance Industries advanced by 3 per cent to Rs 2,035.25 per share. Eicher Motors, Tata Motors and Adani Ports traded over 1 per cent each.

Asian stocks were up as investors bet the United States will lead the world out of Covid-19 pandemic with focus turning to a multi-trillion dollar spending boost by the Biden administration.

In Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo trading on a positive note in mid-session deals. Tokyo led the advance with Nikkei jumping 1.9 per cent. MSCI’s broadest index of Asia Pacific shares outside Japan added 0.3 per cent to hit its highest level this month.

On the global front, cues are positive with the US economy showing a rise in jobs indicating sharp economic recovery. Equities on Wall Street largely ended with gains in the overnight session. International oil benchmark Brent crude was trading 0.39 per cent higher at USD 69.47 per barrel.

(With inputs from ANI, PTI)

WATCH

For the latest News, Breaking News, Top News, like us on Facebook or follow us on Twitter and YouTube