Sensex Ends 167 Points Higher As Markets Break 3-Day Fall
Both indices gave up more than half of intraday gains in the second half of the session
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The Sensex ended 167.19 points - or 0.56 per cent - higher at 30,196.17, and the Nifty settled at 8,879.10, up 55.85 points - or 0.63 per cent - compared to the previous close.
Thirty six stocks in the Nifty basket of 50 shares closed higher. Top percentage gainers were Bharti Airtel, Adani Ports, ONGC, UltraTech Cement and Grasim, ending between 3.87 per cent and 10.81 per cent higher.
However, market breadth favoured losses, as 1,030 stocks ended higher on the BSE against 1,262 that settled with losses. On the NSE, 793 stocks advanced while 953 declined.
Bharti Airtel, HDFC and ITC alone contributed more than 200 points to the gain in Sensex.
Bharti Airtel shares soared to a record high, after the company reported a boost in its average revenue per user as customers upgraded their data and calling plans, a day after the private sector telecom major reported its earnings for the quarter ended March 31.
The country remained in the fourth phase of a lockdown that has hit the incomes of millions of workers and left businesses without revenues. Although some lockdown curbs have been eased, air travel and most public gatherings remain restricted.
Equities elsewhere in Asia spiked on optimism the global economy would recover quickly following a successful early-stage trial of a coronavirus vaccine, with MSCI's broadest index of Asia Pacific shares outside Japan rising 1.53 per cent. Japan's Nikkei 225, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI benchmark indices climbed up 1.49 per cent, 0.81 per cent, 1.89 per cent and 2.25 per cent respectively.
European markets succumbed to losses after starting the session on a mixed note. The United Kingdom's FTSE index traded 0.79 per cent lower in early trade, while France's CAC and Germany's DAX benchmark indices were down 1.43 per cent and 1.03 per cent respectively.
The E-Mini S&P 500 futures settled down 0.51 per cent in Asian trade, indicating a weak start for the US markets on Tuesday.
On Monday, US-based drug maker Moderna Inc said its experimental COVID-19 vaccine showed promising results in a small early-stage trial, sending its stock more than 22 per cent higher.