Indian stock indices rebounded on Monday, following gains in banking stocks, financials, metals and real estate. The Sensex rose 790 points to the highest level of the day and the Nifty 50 index rose above its important psychological level of 14,550. ICICI Bank was the main driver of the Sensex, the stock rose 6, 24% to reach an intraday high of Rs 605 after reporting strong profits for the March quarter. Meanwhile, investors were hopeful that the surge in coronavirus cases could soon peak and lessen the economic impact of the pandemic.
The Sensex finished 508 points or 1.06 percent higher at 48,386.51 and the Nifty 50 Index advanced 144 points or 1 percent to close at 14,485.
“The Nifty 50 Index has managed to hold above the support area of 14,400. Technical factors are aligned to support a market move related to the range. Therefore, short-term traders can use the rally to exit while trying to buy as the downside approaches, “Ashis Biswas, chief technical research officer at CapitalVia Global Research, told UK Time News.
The 11 sector gauges compiled by the National Stock Exchange, with the exception of the pharmaceutical stocks index, ended on the rise, led by the nearly 4% gain in the Nifty Realty index. The Nifty Bank, Financial Services, Metal, PSU Bank and Private Bank indices also rose by more than 1% each.
Mid- and small-cap stocks also saw buying interest, with the Nifty Midcap 100 Index increasing 0.8% and the Nifty Smallcap 100 index increasing over 1%.
Shares of ICICI bank climbed more than 6% to top the list of winners on BSE after the private sector bank reported 260.5% year-on-year growth (year-on-year) ) stand-alone profit at Rs 4,402.61 crore for the quarter ended March 2021. profit for the corresponding period of last year was Rs 1,221.4 crore.
Axis Bank, UltraTech Cement, JSW Steel, Grasim Industries, HDFC Life, State Bank of India, Hindustan Unilever, Power Grid, Eicher Motors, Tech Mahindra, SBI Life, Bajaj Auto and Reliance Industries also rose 2-3%.
On the other hand, Cipla, Britannia Industries, HCL Technologies, BPCL, Sun Pharma, HDFC Bank, Tata Consultancy Services and Maruti Suzuki were among the laggards.