Sensex jumps as bank, pharma, metal stocks lift D-Street; Analysts say hope rally continues

Domestic stock markets started the week on a strong note amid strong buying interest in bank, pharma and metal spaces, as Dalal Street bulls shrugged off rising Covid-19 cases in the country.

The S&P BSE Sensex index jumped as much as 383.96 points to touch 49,590.43 at the strongest level recorded in early deals, and the broader NSE Nifty 50 benchmark climbed to as high as 14,951.25, up 128.1 points from its previous close.

Analysts keenly awaited more Q4 earnings for cues.

and Intellect Design Arena will report their financial results for the three-monthy period on Monday.

Among other companies that are due to report their results during the day are Chambal Fertilizers & Chemicals, HFCL, Venky’s (India), Paushak, HSIL, Satia Industries, PPAP Automotive, Oriental Aromatics,

(India) and Sangam Renewables.

Equities in other Asian markets started the day on a positive note except the Shanghai Composite index, which was down 0.10 per cent lower. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.49 per cent.

South Korea’s Kospi rose 0.75 per cent and Hong Kong’s Hang Seng inched up 0.10 per cent. Taiwan’s TWSE index dropped 0.10 per cent. Australia’s ASX 200 jumped 1.12 per cent.

On Friday, Wall Street indices finished at fresh records after disappointing US jobs data fueled confidence of continued fiscal and monetary support as the economy recovers from Covid-19.

The S&P 500 gained 0.74 per cent, the Dow Jones Industrial Average surged 0.66 per cent and the tech-heavy Nasdaq Composite was up 0.88 per cent.

THIS IS A DEVELOPING STORY. MORE TO COME…