Sensex Surges Over 600 Points, Nifty Ends Above 9,550

Sensex Surges Over 600 Points, Nifty Ends Above 9,550

The S&P BSE Sensex and NSE Nifty 50 indexes closed at highest levels since March 13 in trade on Wednesday led by gains in HDFC, HDFC Bank, Infosys, ICICI Bank, Bajaj Finance and Tata Consultancy Services. The Sensex rose as much as 783 points to hit an intraday high of 32,897.59 and the NSE Nifty 50 index closed above its important psychological level of 9,550.

The Sensex ended 606 points higher at 32,720 and the NSE Nifty 50 index advanced 172 points to close at 9,553.

Hopes of an economic stimulus package from the government to spur the economy which has been affected by the lockdowns to slow the spread of COVID-19 pandemic has lifted the investor sentiment, analysts said.

Buying was visible across the sectors barring some FMCG shares. Metal, auto, finance, banking, information technology, telecom and utilities sectors rose between 1.5-3.8 per cent each.

Mid- and small-cap shares were also witnessing buying interest as the S&P BSE MidCap and S&P BSE SmallCap indexes rose over a per cent each.

Hindalco, Vedanta, HDFC, GAIL India, Mahindra & Mahindra, Tata Steel, Coal India, Hero MotoCorp, HDFC Bank and Vedanta were among the top Nifty gainers, they rose 6.4-3 per cent each.

On the flipside, Axis Bank was top loser, the stock dropped over 3 per cent after the bank swung to loss in March quarter from a profit year earlier on higher provisions. The bank reported loss of Rs 1,388 crore.

Asian Paints, Dr. Reddy's Labs, Hindustan Unilever, Titan, Kotak Mahindra Bank and Eicher Motors were among the notable losers.