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Sensex added 0.60% to trade at 52,466.97, while, Nifty 50 was trading at 15,422.45, up by 0.70%
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The benchmark indices opened strong for the second consecutive day led by positive momentum in Metal, Pharma, and Banking stocks. Asian markets have continued to rally with the Japanese index soaring to a 30-year high. Oil prices on Monday, February 15, have reached their highest level in 13 months in hopes of a revival in the demand on successful vaccine rollout.
At 9:30 am, IST, Sensex was trading at 52,466.97, adding 312.84 points, or 0.60%. Nifty 50 index added 107 points, or 0.70% to 15,422.45. All sectoral indices were trading green with PSU Banks and Metals leading the rally. PSU Banks have climbed nearly 2% post the government's shortlisting for privatization of Banks.
Shares of Hindalco, ONGC, Tata Steel, and JSW Steel bagged the top gainers in the early trade. Bank of Maharashtra, IOB, Bank of India have surged over 10% each post government's announcement on privatization.
AstraZeneca on Monday, February 15, received the WHO approval for the emergency use of vaccines. The shares of the company have climbed over 5% in the intraday trade on with the day's high of 4050.00.
Nestle, Varun Beverages, R Systems international, and Schaeffler India will announce their quarterly earnings on February 16.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services commented: "Bull markets have an uncanny ability to climb many walls of worries. And, this bull market, in typical style, is consistently climbing many such walls. The border stress with China, the farmers' strike, inflation, crude spike...are no longer issues of concern. The bulls are focused on growth & earnings recovery and the incredibly improving Covid incidence"
"FPIs feel that India has the best post- Covid rebound story. In such a favourable setting, investors should remain invested with occasional profit booking. Bank Nifty is fast catching up with the rest of Nifty. IT has still room to go up. There is value in pockets of mid-small-caps", Vijaykumar added.