Mumbai: Equity benchmark Sensex rallied 508 points on Monday, tracking gains in index majors ICICI Bank, Reliance Industries and Axis Bank amid a mixed trend in global markets.

Mumbai: Equity benchmark Sensex rallied 508 points on Monday, tracking gains in index majors ICICI Bank, Reliance Industries and Axis Bank amid a mixed trend in global markets. The 30-share…

The 30-share BSE index ended 508.06 points or 1.06 per cent higher at 48,386.51.

Similarly, the broader NSE Nifty jumped 143.65 points or 1 per cent to 14,485.

Axis Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by ICICI Bank, UltraTech Cement, HUL, SBI, PowerGrid, Bajaj Auto and Reliance Industries.

On the other hand, HCL Tech, HDFC Bank, Maruti, Sun Pharma and TCS were among the laggards.

“Domestic equities shrugged off rising COVID-19 cases and rebounded mainly led by sharp recovery in financials,” said Binod Modi, Head Strategy at Reliance Securities.

Barring pharma, most of key sectoral indices traded in green. Strong March quarter performance led ICICI Bank to recovery sharply, while HCL Technologies witnessed sell-off due to subdued 4Q performance, he added.

With 3,52,991 people testing positive for coronavirus infection in a day, the highest so far, India’s total tally of COVID-19 cases has climbed to 1,73,13,163 while active cases have crossed the 28-lakh mark, according to the Union Health Ministry data updated on Monday.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while Tokyo and Seoul were in the positive terrain.

Stock exchanges in Europe were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.74 per cent lower at USD 64.28 per barrel.

Gold Falls Rs 81; Silver Tumbles Rs 984

Gold prices in the national capital on Monday fell Rs 81 to Rs 46,976 per 10 gram due to rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 47,057 per 10 gram.

Silver also dipped Rs 984 to Rs 67,987 per kg, from Rs 68,971 per kg in the previous trade.

The rupee advanced by 24 paise to 74.77 against the US dollar in opening trade on Monday.

In the international market, gold was quoting marginally higher at USD 1,779 per ounce and silver was flat at USD 26.02 per ounce.

“Gold prices were supported by weaker dollar and pandemic worries,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

Rupee Recovers 28 Paise To Close At 74.73 Against US Dollar

The rupee strengthened by 28 paise to close at 74.73 (provisional) against the US dollar on Monday, supported by positive domestic equities and weakness in the American currency in global markets.

At the interbank forex market, the local unit opened at 74.81 against the greenback and witnessed an intra-day high of 74.67 and a low of 74.88.

It finally ended at 74.73 against the American currency, registering a rise of 28 paise over its previous closing. On Friday, the rupee had settled at 75.01 against the American currency.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 per cent to 90.78.

“The Indian Rupee appreciated amid weakness in dollar and rise in risk appetite in the global markets. Markets sentiments improved as recent manufacturing and services PMI data across major countries in world showed expansion in activity signalling economic recovery from the pandemic,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

However, sharp gains were prevented on FII outflows and on concern that rising COVID-19 cases in India and lockdown restriction in some states may hurt economic recovery, Mukadam added.

The rupee may trade in the range of 74.30 to 75.50 in next couple of sessions, he said.

Meanwhile, Brent crude futures, the global oil benchmark, fell 1.86 per cent to USD 64.88 per barrel.

On the domestic equity market front, the BSE Sensex ended 508.06 points or 1.06 per cent higher at 48,386.51, while the broader NSE Nifty advanced 143.65 points or 1 per cent to 14,485.00.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,360.76 crore on Friday, according to exchange data.

(This Story Is A Compilation of 3 PTI Stories)

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