Sensex leapfrogs 612 pts, reclaims 50,000 milestone

Mumbai, May 18

Equity benchmarks Sensex and Nifty on Tuesday settled above the levels not seen in over two months as economic recovery hopes amid continuous decline in fresh Covid cases further perked up investor sentiment.

Recapturing the 50,000-level milestone, the BSE Sensex soared 612.60 points to settle at 50,193.33. This was the highest closing for the index since March 16.

Likewise, the NSE Nifty went past the psychological 15,000-mark. At the closing bell, the NSE gauge quoted higher by 184.95 points at 15,108.10 – the best closing since March 10.

On the Sensex chart, M&M was the top gainer, rallying nearly 6%, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and L&T. On the other hand, Bharti Airtel, ITC, Dr Reddy’s, SBI and HUL suffered losses.

Sectorally, BSE auto, industrials, consumer durables, capital goods, power and utilities indices rallied up to 3.19%. Telecom and FMCG indices fell up to 1.66%.

In the broader market, midcap and smallcap indices outperformed the benchmark by rallying as much as 1.87%. Largecap index rose 1.22%. “Domestic equities extended gains as early sign of decline in Covid daily caseload and improving prospects of faster economic recovery emboldened investors,” said Binod Modi, Head Strategy at Reliance Securities.

Additionally, strong cues from Asian markets also supported the rally in domestic market, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Stock exchanges in Europe were also trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.82% higher at $70.03 per barrel.

The rupee ended 17 paise higher at 73.05 against the US dollar on Tuesday. — PTI

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