Sensex Clocks Best Week In A Month As Global Markets Rise On COVID-19 Drug Hopes

The markets took positive cues from optimism in global peers about a COVID-19 treatment however subdued large cap earnings kept the gains back home in check, say analysts.

Sensex Clocks Best Week In A Month As Global Markets Rise On COVID-19 Drug Hopes

Domestic stock markets climbed up nearly 8 per cent in the four-session holiday-truncated week - the best week in four, led by sharp gains in financial, metal and IT sectors. The S&P BSE Sensex index registered a weekly gain of 7.63 per cent, adding 2,390.40 points between Monday and Thursday, while the broader NSE Nifty 50 benchmark rose 705.50 points - or 7.71 per cent. Both the indices ended at their strongest levels recorded since March 13.

The markets took positive cues from optimism in global peers about a COVID-19 treatment; however, subdued large cap earnings kept the gains back home in check, say analysts.

Most sectors moved higher for the week, led by metal, financial and IT stocks. The Nifty Bank and Nifty Financial Services indices climbed up 9.94 per cent and 12.08 per cent respectively.

The Nifty Pharma - down 2.01 per cent for the week - was the only index among 11 sectoral barometres on the NSE to move lower.

In the 50-scrip Nifty basket, 47 stocks rose in the week ended April 30. 

Top Nifty Gainers 

StockWeekly Change
IndusInd Bank28.45%
UPL27.84%
Hindalco27.54%
Tata Motors26.35%
JSW Steel23.13%
Bajaj Finance22.40%
HDFC21.94%
HCL Tech20.81%
ONGC19.90%
GAIL18.47%

Reliance Industries, Axis Bank, Tech Mahindra and Hindustan Unilever reported their earnings for the quarter ended March 31 this week. 

The markets remained shut on Friday, May 1, for Maharashtra Day, and will resume trading on Monday.

Meanwhile, the government on Friday extended a 40-day nationwide lockdown to curb the spread of the coronavirus pandemic by another two weeks, but allowed "considerable relaxations" in lower-risk districts.

Analysts awaited more earnings from large cap companies for domestic cues in the near term.

Yes Bank and HCL Tech are scheduled to report their financial results for the January-March period next week.