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Sensex rises 521 pts as metal, banking shares shine

NEW DELHI: Equity indices jumped on Thursday with the benchmark BSE sensex rising over 500 points, led by gains in metal and banking stocks, amid positive global cues.
The 30-share BSE index rose 521 points or 105 per cent to close at 50,030; while the broader NSE Nifty settled 177 points or 1.20 per cent higher at 14,867.
Top gainers in the sensex pack included IndusInd Bank, Kotak Bank, ICICI Bank, Bajaj Finance, Sun Pharma and Ultra Cemco rising as much as 4.34 per cent.
While HUL, Nestle India, TCS, Titan and Tech Mahindra were the major losers falling up to 1.29 per cent.
On the NSE platform, sub-indices Nifty Metal, PSU Bank and Media gained as much as 5.33 per cent.
According to experts the government’s decision to infuse Rs 14,500 crore ($1.98 billion) in four state-run banks — Indian Overseas Bank, Bank of India, Central Bank of India and UCO Bank — boosted banking stocks.
Globally, equities in Asia gained on the US central bank’s views, with the MSCI’s broadest index of Asia-Pacific shares outside Japan adding nearly 1 per cent.
US President Joe Biden on Wednesday outlined a broad plan to re-make the world’s biggest economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture.
“Today’s rise has been largely due to US announcing infrastructure plan. That is likely to kick-start a commodity cycle and also make people hope for strong economic growth,” Anand James, chief market strategist at Geojit Financial Services told news agency Reuters.
Meanwhile, foreign investors offloaded equities worth Rs 1,685.91 crore in the Indian markets on Wednesday, exchange data showed.
(With inputs from agencies)

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