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Wednesday, May 12, 2021

Sensex and shrewd jump on Reserve Bank of India’s Covid relief measures

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The overall breadth of the market was positive as 1,812 stocks ended higher while 1,123 closed lower on BSE.

Benchmarks for Indian stocks rose on Wednesday after closing at their lowest level in more than a week in the previous session after the Reserve Bank of India announced relief measures that involved the provision of ‘a term liquidity facility of Rs 50,000 crore on a priority basis for the health sector and a moratorium on loans. for individual borrowers and small businesses. The Sensex rose 489 points to an intraday high of 48,743 and the Nifty 50 Index hit an intraday high of 14,632.45.

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The Sensex finished 424 points or 0.88% higher at 48,677.55 and the Nifty 50 Index climbed 121 points or 0.84% ​​to stand at 14,617.75.

Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank has asked lenders to provide a new moratorium for certain small borrowers, which will be available to individuals and small and medium enterprises which did not benefit from restructuring in 2020.

Amid a surge in coronavirus cases, RBI also announced a pressurized liquidity window of Rs 50,000 crore for companies active in healthcare infrastructure and services.

The pressurized liquidity facility with tenors of up to three years at the repo rate will remain open until March 31, 2022, RBI Governor Shaktikanta Das said while announcing measures to deal with the impact of the second wave of the coronavirus pandemic.

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All 11 sector gauges, with the exception of the real estate equity index, compiled by the National Stock Exchange, ended up, led by the 4% gain in the Nifty Pharma index. The Nifty Bank, Private Bank, PSU Bank, Financial Services, IT and Metal indices also rose by more than 1 percent.

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Mid- and small-cap stocks also recorded buying interest, with the Nifty Midcap 100 index increasing 1% and the Nifty Smallcap 100 index advancing 0.45%.

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Sun Pharma was Nifty’s top winner, the stock rose 5.8 percent to close at Rs 683. UPL, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Titan, Dr Reddy’s Labs, Wipro, Tata Consultancy Services, Bajaj Finserv, Hindalco, ONGC and UltraTech Cement also rose 1-5 percent.

On the other hand, Adani Ports, Bajaj Finance, SBI Life, Asian Paints, Hindustan Unilever, HDFC and Tech Mahindra were among the notable losers.

The overall breadth of the market was positive as 1,812 stocks ended higher while 1,123 closed lower on BSE.

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