Why is Sensex rising: Private bank stocks drive Sensex 950 points …

Synopsis

HUL saw some profit booking and was down 2.06 per cent.

ReutersAll sectors on NSE rose with Nifty Pharma gaining the most at 4.74 per cent, followed by Nifty Financial Service and Nifty Private Bank that gained over 3 per cent each.

NEW DELHI: Domestic equity indices rose in early Thursday trade, in line with global peers, as authorities in major hotspots saw signs of peaking of

coronavirus

cases.

Meanwhile, the central government is looking at extending the lockdown beyond April 14 after many state governments and health experts suggested such a course of action on the ground that the Covid-19 threat is still looming large.

BSE flagship Sensex rose 950 points to 30,847 while NSE benchmark Nifty added over 250 points to trade above 9,000 mark. Broader market indices were faring in-line with their headline peers as Nifty Smallcap gained 2.83 per cent while Nifty Midcap rose 2.48 per cent. Nifty 500 was up 2.66 per cent.

Among bluechip stocks, private banks led the charge with Axis Bank up 3.88 per cent at Rs 406.50, ICICI Bank gaining 3.76 per cent to Rs 331 and IndusInd Bank 3.69 per cent at Rs 413. Sun Pharma was also at the forefront with gains of 4.11 per cent to Rs 454.60.

HUL, which is trading near all time highs, saw some profit booking and was down 2.06 per cent at Rs 2408. It was the only name trading in the red among Sensex stocks.

All sectors on NSE rose with Nifty Pharma gaining the most at 4.74 per cent, followed by Nifty Financial Service and Nifty Private Bank that gained over 3 per cent each.


Globally, Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6 per cent, following a strong Wall Street close.

Shares in China, where the novel coronavirus first emerged late last year, rose 0.54 per cent. Australian shares were up 1.52 per cent


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2 Comments on this Story

Gopal Sriniwasan147 days ago

There is no reason why the Indian Economy should not pick up steam. With a large number of people becoming aware of the importance of Health and Hygiene which was beyond the reach of the poor and the marginalised there is a new market for toiletries,Pharma,transport and logistics sectors.

Further,with the WB having sanctioned a billionUS$ and with a currency swap in $with US,India is in a bright spot.

It will not be long before the US Prez Trump and the PM Mody along with Brazil, EU and GCC put the Chinees in the Doghouse

Praker 147 days ago

What is NPA of Private banks? what about lock down? what about global recession? what about Corona death cases?

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