Privatisation hopes on a few metal names fuelled a rally in the metal index. PSU names continued to exhibit their newfound vigour. Pharmaceutical and speciality chemical stocks were also in demand.
The 30-share pack Sensex rose 533.74 points or 0.91 per cent to close at 59,299.32. Its broader peer NSE Nifty advanced 159.20 points or 0.91 per cent to 17,691.25.
Thanks to the rally, investor wealth reflected by the total market cap of BSE listed companies, grew by Rs 3.17 lakh crore to Rs 262.77 lakh crore.
“The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Divi’s Labs surges 8 per cent on Merck’s announcement of Covid drug
- India VIX, a barometer of volatility and fear, declines further 3 per cent
- NTPC continues its rally, rises 4 per cent on divestment news
- Metals shine on dip-buying; Hindalco Industries up 5 per cent
- Zee Ent gains 2 per cent as Invesco-Goenka fight moves to Bombay HC
MORE TO COME..
