Sensex rises 975 points to close day at 50,540, Nifty ends at 15,175

Equity benchmark Sensex skyrocketed 976 points on Friday, led by features in index heavyweights HDFC twins, ICICI Bank and SBI as regular earnings reported by key monetary shares lifted investor sentiment.

The 30-share BSE index ended 975.62 points or 1.97 per cent increased at 50,540.48, and the broader NSE Nifty soared 269.25 points or 1.81 per cent to 15,175.30.

HDFC Bank was the highest gainer within the Sensex pack, rallying over 4 per cent, adopted by SBI which zoomed after the lender posted sturdy quarterly earnings.

The nation’s largest lender reported an 80 per cent surge in standalone web revenue at 6.450.75 crore for the fourth quarter ended March 2021, aided by decline in dangerous loans.

IndusInd Bank, ICICI Bank, Axis Bank and HDFC have been additionally among the many gainers.

On the opposite hand, PowerGrid and Dr Reddy’s have been the laggards.

Binod Modi Head-Strategy at Reliance Securities, stated home equities recovered sharply primarily led by sturdy rebound in financials.

“Steady earnings reported by BFSIs including SBI and emerging clarity about asset quality in the backdrop of receding daily caseload in second wave aided financials to rebound. Barring pharma, buying momentum was seen across all sectors,” he stated.

Further, assumption of second wave of COVID-19 to peak by the tip of May or mid of June holds true and antagonistic impression of second wave shouldn’t be felt past Q1 FY22, he famous, including {that a} seen decline in each day caseload has supplied consolation to buyers.

Elsewhere in Asia, bourses in Shanghai and Seoul ended on a unfavorable be aware, whereas Tokyo and Hong Kong closed with features.

Stock exchanges in Europe have been largely buying and selling within the optimistic terrain.

Meanwhile, worldwide oil benchmark Brent crude was buying and selling 0.84 per cent increased at USD 65.66 per barrel.

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