Top gainers in the sensex pack included L&T, Bajaj Finance, SBI, IndusInd Bank, Reliance, HDFC Bank and Bharti Airtel. (Representative image)
NEW DELHI: Equity indices jumped on Tuesday with the benchmark BSE sensex rising over 550 points led by gains in banking and metal stocks.
The 30-share BSE index rose 558 points or 1.15 per cent higher to close at 48,944; while the broader NSE Nifty settled 168 points or 1.16 per cent higher at 14,653.
Top gainers in the sensex pack included L&T, Bajaj Finance, SBI, IndusInd Bank, Reliance, HDFC Bank and Bharti Airtel with their shares rising as much as 3.53 per cent.
While Maruti, NTPC, Nestle India and Kotak Bank were the major losers falling up to 1.28 per cent.
On the NSE platform, sub-indices Nifty Metal, PSU Bank and Bank gained as much as 2.71 per cent.
Domestic equities rebounded mainly led by sharp recovery in financials, Binod Modi Head-Strategy at Reliance Securities told news agency PTI.
“A persistent rise in Covid-19 cases across the nation and enhanced economic restrictions has dented investors sentiments over the last couple of weeks. However, a sharp reduction in fresh caseload in Maharashtra on Monday offered some comfort and a further reversal in caseload should augur well for the economy and markets,” he noted.
Active Covid-19 cases in India stood at 28,82,204, up from 28,13,658 cases registered on Monday, according to Union health ministry data.
Cases in Mumbai, have dipped since Maharashtra entered lockdown earlier this month. Other states such as New Delhi and Karnataka have also imposed lockdowns to curb the spread of the virus.
“The steady decline in Covid-19 cases in Mumbai is a great relief and if this is an indication of the second wave curve flattening by, say, mid-May, the market might take cues from that,” V K Vijayakumar, chief investment strategist at Geojit Financial Services told news agency Reuters.
Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,111.89 crore on Monday, according to provisional exchange data.
(With inputs from agencies)