Sensex, Nifty Jump 2% Amid Gains Across Sectors; IndusInd Bank In Focus

Reliance Industries (up 2.78%), HDFC (2.65%) and HDFC Bank (1.68%) contributed over 250 points to the gain in Sensex.

Sensex, Nifty Jump 2% Amid Gains Across Sectors; IndusInd Bank In Focus

Analysts expect volatility in the four-day trading week

Domestic stock markets started Monday's session on a positive note amid gains in Asian peers as investors hoped for additional measures to fight the coronavirus pandemic. The S&P BSE Sensex index climbed as much as 2.08 per cent - or 650.6 points - to touch 31,977.82, having started the session up 331.82 points at 31,327.22. The broader NSE Nifty 50 benchmark rose to as high as 9,345.65, after opening at 9,259.70 compared to the previous close of 9,154.40. Gains across sectors - led by banking, automobile and pharmaceutical shares - pushed  the markets higher.

At 9:37 am, the Sensex traded 583.55 points - or 1.86 per cent - higher at 31,910.77 while the Nifty was up 173.70 points - or 1.90 per cent - at 9,328.10. 

In the 50-scrip Nifty index, 46 stocks traded higher at the time. Top percentage gainers were Cpla, Bajaj Auto, Hindalco, Sun Pharma, Bharti infratel and Maruti Suzuki, trading between 3.28 per cent and 4.03 per cent higher. 

On the other hand, NTPC, Power Grid, Asian Paints and Wipro - down between 0.17 per cent and 0.48 per cent each - were the only Nifty losers.

Reliance Industries (up 2.78 per cent), HDFC (2.65 per cent) and HDFC Bank (1.68 per cent) together accounted for a gain of more than 250 points in the Sensex.

Analysts expect volatility in the four-day trading week as persistent weakness in the banking pack is possible.

IndusInd Bank will report its financial results for the January-March period later in the day. Shares soared as much as 6.11 per cent to Rs 406.50 apiece on the BSE in morning deals, compared to their previous close of Rs 383.10. 

Equities in other Asian markets rose ahead of central bank meetings due this week, amid talk the Bank of Japan (BoJ) will take more stimulus steps. 

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade, having shed 2.6 per cent last week. Japan's Nikkei 225 benchmark gained 1.1 per cent.

US stock futures - the E-Mini futures for the S&P 500 - were however down 0.4 per cent.

The domestic markets will remain shut on May 1 (Friday) for Maharashtra Day.