Sensex Reclaims 51,000-Level

Rupee ends at 72.77 against dollar; fresh Covid cases remain below three-lakh mark
Sensex Reclaims 51,000-Level
Sensex Reclaims 51,000-Level

Equity benchmark Sensex returned to its winning rally on Wednesday after a day's pause as technology, finance and auto counters witnessed eager buying amid a largely positive trend in Asian markets.

Overcoming a sluggish start, the 30-share benchmark gained momentum through the session to end 379.99 points or 0.75 per cent higher at 51,017.52. The Sensex reclaimed the 51,000-level after March 10 this year.

The broader NSE Nifty extended its winning run to the fourth consecutive session, climbing 93 points or 0.17 per cent to finish at 15,301.45.

Bajaj Finserv was the top performer in the Sensex pack, rallying 4.82 per cent, followed by Bajaj Finance, Infosys, Maruti, HDFC, L&T, Tech Mahindra and M&M.

On the other hand, PowerGrid, NTPC, ONGC, Kotak Bank, Dr Reddy's, HDFC Bank, ITC and Bharti Airtel were the losers, dropping up to 3.11 per cent.

"Domestic equities remained upbeat as improved visibility about economic recovery from 2QFY22 continued to lift investors' sentiments," said Binod Modi, Head - Strategy at Reliance Securities.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs." 

Sector-wise, BSE realty, IT, teck, finance and auto indices rose as much as 2.85 per cent, while metal, power, utilities and basic materials closed with losses.

In the broader markets, the BSE midcap index dropped 0.14 per cent, while the smallcap gauge spurted 0.69 per cent.

India on Wednesday reported 2,08,921 coronavirus infections, pushing the overall tally of cases to 2,71,57,795, according to Union Health Ministry data.

The death toll also climbed to 3,11,388 with 4,157 fatalities reported in a 24-hour period.

The rupee strengthened by 19 paise to end at 72.77 against the US dollar on Tuesday, tracking weakness in the American currency in the overseas market.

"Expectation of strong global economic growth supported risky currencies," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

Equities in Europe were trading on a mixed note in mid-session deals.

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