Indian markets kicked started this week's trading session on a bullish note tracking positive global cues on Monday as investors found comfort that world economic recovery was well on track which bolstered risk appetite in stocks. At the domestic front, broad-based buying was witnessed in both Sensex and Nifty. Except for pharma, all other sectoral indices witnessed upside. Banking and financial stocks outperformed as corporate earnings season boosted sentiments.
Although, India continues to struggle in controlling the rapid spread of Covid infections across the country bringing many business activities to a standstill. In the last 24 hours, India recorded 28,13,658 new cases, taking the total tally to 1,73,13,163. Meanwhile, the total death toll stands at 1,95,123.
However, investors shrugged off the ongoing Covid concerns, as the progress of vaccination drive and quick response to oxygen and oxygen related equipment supplies, lifted their sentiments as well.
At around 09.54 am, Sensex is trading at 48,573.82 up by 695.37 points or 1.45%. Nifty trades at 14,529.95 higher by 188.60 points or 1.32%.
Gainers on Nifty 50 were - ICICI Bank surging by 4.5% followed by Ultratech Cement and Kotak Bank strengthening by nearly 3% each. SBI climbed over 2.5%, while Bajaj Finance followed with an over 2.4% jump.
On the contrary, Nifty 50 underperformers were - HCL Tech in the top spot tumbling by nearly 2%. Britannia dived by 1.5%, while Cipla shed 1.4%. Hero MotoCorp and Sun Pharma dipped by around 1% each.
Companies that are set to announce their March 2021 quarterly results today and will be in focus are - Tech Mahindra, HDFC Life Insurance Company, SBI Cards and Payment Services, Castrol India, Delta Corp, Alok Industries, Automotive Stampings & Assemblies, Benares Hotels, Kedia Construction, National Standard (India), Roselabs Finance, Schaeffler India, Snowman Logistics, Suraj, Tata Teleservices (Maharashtra) and Welcure Drugs & Pharmaceuticals.
In terms of sectoral indices, Bank Nifty soared by 750 points. Nifty Finance Services zoomed by nearly 300 points. Nifty Metal and Nifty Realty were also in the fast lane advancing by 1.25% and 1.75% respectively. Nifty Pharma was the only laggard, trading in the red.
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