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Sensex Surges Over 500 Points Led By Auto, Metal Shares

Sensex Surges Over 500 Points Led By Auto, Metal Shares

The S&P BSE Sensex rallied over 500 points and Nifty 50 index moved closer to its important psychological level of 11,300 led by gains in auto, information technology, financial services, metal and banking shares. Strong corporate earnings along with hopes that another flood of US stimulus would cushion the global impact of renewed coronavirus outbreaks lifted investors' sentiment. The Sensex rose as much as 539 points and Nifty 50 index touched an intraday high of 11,295.55.

As of 2:50 pm, the Sensex was up 531 points at 38,466 and Nifty was at 11,294, up 162 points.

"Markets have gained strength on the back of better-than-expected June quarter earnings and easy liquidity," analysts said.

Buying was visible across sectors as all the 19 sector gauges compiled by BSE were trading higher led by Auto index's 3 per cent gain. Banking, IT, metal, financial services and realty indexes also rose over a per cent each.

Mid- and small-cap shares were underperforming their larger peers as the S&P BSE MidCap index rose 0.8 per cent and S&P BSE SmallCap index advanced 0.55 per cent.

UltraTech Cement was top Nifty gainer, the stock rose 8 per cent to Rs 4,180. Kotak Mahindra Bank, Tata Motors, Grasim Industries, Hindalco, TCS, IndusInd Bank and Shree Cements also rose between 4-5 per cent.

On the flipside, Bharti Infratel, ICICI Bank, Zee Entertainment, ONGC, Nestle, Asian Paints and Indian Oil were among the notable losers.