Sensex regains 51,000-level as IT, finance, auto shares sparkle

Mumbai, May 26

The BSE Sensex returned to winning ways on Wednesday after a day’s pause as technology, finance and auto counters witnessed robust buying amid a largely positive trend in Asian markets.

Overcoming a tepid start, the 30-share benchmark gained momentum through the session to end 379.99 points higher at 51,017.52. The Sensex reclaimed the 51,000-level after March 10 this year.

The broader NSE Nifty extended its winning run to the fourth consecutive session, climbing 93 points to finish at 15,301.45.

Bajaj Finserv top performer

  • Bajaj Finserv was the top performer in the Sensex pack, rallying 4.82%, followed by Bajaj Finance, Infosys,
  • Maruti, HDFC, L&T, Tech Mahindra and M&M
  • On the other hand, PowerGrid, NTPC, ONGC, Kotak Bank, Dr Reddy’s, HDFC Bank, ITC and Bharti Airtel were the losers, dropping up to 3.11%

“Domestic equities remained upbeat as improved visibility about economic recovery from 2QFY22 continued to lift investors’ sentiments,” said Binod Modi, Head – Strategy at Reliance Securities.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors such as tourism, aviation and hospitality along with MSMEs.” Value buying was seen in the IT sector while metal stocks remained in the correction phase due to muted international commodity prices, he added.

Sector-wise, BSE realty, IT, teck, finance and auto indices rose as much as 2.85%, while metal, power, utilities and basic materials closed with losses. In the broader markets, the BSE midcap index dropped 0.14%, while the smallcap gauge spurted 0.69%.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red. — PTI

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