Sensex increases over 600 points, nifty above 14,850 led by banks

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State Bank of India was Nifty’s best winner as the stock rose 4.5 percent to Rs 377.

Indian stock indices extended gains in midday trading as market sentiment improved after domestic coronavirus cases fell below 300,000 for the first time since April 21. The Sensex rose 665 points to an intraday high of 49,397.19 and the Nifty 50 Index rose above its psychologically important 14,850 level. HDFC Bank, ICICI Bank, HDFC, State Bank of India and Axis Bank were among the players in Sensex.

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At 1:13 p.m., the Sensex rose 651 points or 1.34% to 49,383 and the Nifty 50 Index climbed 1.18% or 173 points to 14,851.

India reported 281,386 new coronavirus infections in the past 24 hours, the lowest since April 21, thanks to extended lockdowns in some states.

Nine of the 11 sector gauges compiled by the National Stock Exchange were trading higher, thanks to the gain of more than 3% of the Nifty Bank index. The indicators for the Nifty Auto, Financial Services, PSU Bank, Private Bank and Realty sectors also increased between 1.5% and 3.3%.

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On the other hand, certain pharmaceutical and media stocks were under selling pressure.

Mid- and small-cap stocks also recorded buying interest, with the Nifty Midcap 100 Index 1.2% and the Nifty Smallcap 100 Index advancing 0.8%.

State Bank of India was Nifty’s best winner, the stock rose 4.5% to Rs 377. IndusInd Bank, UPL, ICICI Bank, HDFC Bank, Bajaj Finserv, Axis Bank, Adani Ports, Eicher Motors, Shree Cements, Hero MotoCorp, Tata Motors and Grasim Industries also rose 2-4 percent.

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Conversely, Cipla, Larsen & Toubro, Sun Pharma, Bharti Airtel, SBI Life, Coal India, NTPC, Nestle India, Hindalco, Tata Steel, JSW Steel, Hindustan Unilever and Power Grid were among the losers.

The overall scale of the market was positive as 1,954 stocks rose while 1,042 declined due to BSE.

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