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Markets zoom on F&O expiry, Covid-19 drug trials in US
Sensex surges 997 points while Nifty reclaim the 9,850-level
Mumbai: The Sensex surged 997 points while the Nifty reclaimed the 9,850-level on Thursday as short-covering on expiry of F&O contracts and encouraging results from a Covid-19 drug trial in the US turbocharged sentiment.
Rising for the fourth straight session, the 30-share BSE Sensex settled 997.46 points or 3.05 per cent higher at 33,717.62. Similarly, the NSE Nifty soared 306.55 points, or 3.21 per cent, to 9,859.90.
Global markets shrugged off US GDP contraction data after American pharma firm Gilead's remdesivir drug showed promising results in treating Covid-19 patients. Further, a strengthening rupee and rising buzz of another stimulus package by the government, focused on industries, kept domestic investor sentiment positive, traders said. ONGC was the top gainer in the Sensex pack, rallying 13.40 per cent, followed by HCL Tech, Hero MotoCorp, TCS, Maruti and Infosys. Shares of Reliance Industries and Tech Mahindra climbed around 3 per cent ahead of their earnings announcements, while HUL settled in the red. Sun Pharma, IndusInd Bank and Asian Paints too closed with losses of up to 2.72 per cent.
During the holiday-shortened week, Sensex rallied 2390.40 points or 7.63 per cent, while Nifty Surged 705.50 points or 7.70 per cent. Domestic financial markets will remain closed on Friday for 'Maharashtra Day'.
"The NSE Nifty 50 has posted its best monthly gain since April 2009, registering gains of over 14 per cent. Buying was seen among huge volumes on weekly F&O expiry day with old economy stocks (including auto, oil & gas, metals) advancing well accompanied by IT stocks," said Deepak Jasani, Head Of Research, HDFC Securities.
BSE metal index zoomed 8.27 per cent, followed by auto, IT, teck, oil and gas, basic materials, telecom and energy. On the other hand, healthcare and FMCG indices ended in the red.
