Sensex Closes 449 Points Higher, Nifty Reclaims 11,850 As Markets Extend Gains To Second Day

ICICI Bank, HDFC and Axis Bank were the top contributors (mor ethan 300 points) to the gain in Sensex.

Sensex Closes 449 Points Higher, Nifty Reclaims 11,850 As Markets Extend Gains To Second Day

Gains in financial, energy, consumer goods and metal shares pushed the markets higher

ICICI Bank, HDFC and Axis Bank were the top contributors (mor ethan 300 points) to the gain in Sensex.

Here are 10 things to know:

Domestic stock markets extended gains to a second straight day on Monday tracking Asian equities, which were boosted by hopes of a US fiscal package and expectations of a COVID-19 vaccine though Chinese data dampened sentiment. The S&P BSE Sensex index jumped 536.5 points - or 1.34 per cent - to touch 40,519.48 at the strongest level in morning deals, and the broader NSE Nifty 50 benchmark climbed to as high as 11,898.25, up 135.8 points - or 1.15 per cent - from its previous close. Gains in financial, energy, consumer goods and metal shares pushed the markets higher, but losses in auto, IT and pharmaceutical stocks capped the upside.

The Sensex ended 448.62 points - or 1.12 per cent - higher at 40,431.60 and the Nifty settled at 11,873.05, up 110.60 points - or 0.94 per cent - from its previous close.

ICICI Bank, Nestle, Axis Bank, GAIL, SBI and Indian Oil, closing between 4.04 per cent and 5.01 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. On the other hand, Divi's Eicher Motors, Hero MotoCorp, Cipla and Bajaj Auto - down 1.93-3.75 per cent each - were the worst hit among 15 laggards in the index.

ICICI Bank, HDFC and Axis Bank were the top contributors (mor ethan 300 points) to the gain in Sensex.

HDFC Bank ended 0.36 per cent higher at Rs 1,203.35 apiece on the BSE, having risen as much as 2.49 per cent during the session, after the country's largest lender by market value posted a 18.4 per cent jump in its profit in the quarter ended September 30.

That boosted the Nifty Bank index, which ended 3.12 per cent higher, marking its highest single-day spike since October 1.

"Bank stocks are steadily gaining momentum after HDFC Bank's results and markets think that other private sector banks could follow suit," said Saurabh Jain, assistant vice president at SMC Global Securities.

Gains in Asian and European stocks aided sentiment, as they rallied on hopes of a U.S. stimulus package before the presidential election in November and expectations of a COVID-19 vaccine by year-end.


Newsbeep