The Indian equity benchmarks rose for fourth session in a row on Monday paced by gains in metal, pharma, auto and PSU banking shares. The Sensex rose as much as 411 points to hit an intraday high of 49,617.47 and Nifty 50 index briefly moved above its important psychological level of 14,950. Boosted by liquidity support measures from global central banks, the stock market has looked past a rapid rise in domestic coronavirus cases and calls to impose a nationwide lockdown.
The Sensex ended 296 points or 0.6 per cent to close at 49,502 and Nifty 50 index advanced 119 points or 0.8 per cent to close at 14,942.
Several states have already entered lockdowns to curb the spread, which has led economists to cut growth expectations for Asia’s third-largest economy.
Buying was visible across the board as all the 11 sector gauged compiled by the National Stock Exchange ended higher led by the Nifty Metal index’s 3.2 per cent gain. Metal shares gained as iron ore futures surged and copper prices hit a record high amid an outlook for tight supply and strong demand fuelled by a global economic recovery.
Pharma index climbed 3 per cent on the back of gains in drug makers after Cipla, Sun Pharma and Lupin signed agreement with Eli Lilly for manufacturing its Covid-19 medicine in the country.
Auto, PSU Bank and realty indices also rose between 1.1.6 per cent.
Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 1 per cent and Nifty Smallcap 100 index climbed 1.5 per cent.
Coal India was top Nifty gainer, the stock rose 8 per cent to close at Rs 148. UPL, Hindalco, Indian Oil, Tata Motors, Lasren & Toubro, Dr Reddy’s Labs, Tata Steel, Sun Pharma, Bharat Petroleum and Power Grid also rose between 2.5-7 per cent.
On the flipside, Shree Cements, UltraTech Cement, Britannia Industries, Infosys, Hero MotoCorp, Grasim Industries, Adani Ports, HCL Technologies and Reliance Industries fell between 0.3-1.4 per cent.
The overall market breadth was positive as 2,056 shares ended higher while 1,052 ended lower on the BSE.