• otv
Pti

News Highlights

  • Gold on Monday rose by Rs 348 to Rs 47,547 per 10 gram following a strong global trend.

  • The rupee rose for the second straight session on Monday to close 7 paise higher at 73.22 (provisional) against the US dollar.

Mumbai: Equity benchmark Sensex zoomed over 848 points on Monday, driven by strong buying in banking shares amid a reduction in daily domestic COVID-19 caseload.

The 30-share BSE index ended 848.18 points or 1.74 per cent higher at 49,580.73, and the broader NSE Nifty soared 245.35 points or 1.67 per cent to 14,923.15.

IndusInd Bank was the top gainer in the Sensex pack, rallying over 7 per cent, followed by SBI, ICICI Bank, HDFC twins, Axis Bank, Bajaj Finserv and UltraTech Cement.

On the other hand, L&T, Bharti Airtel, Nestle India, Sun Pharma and PowerGrid were among the laggards.

According to Binod Modi, Head Strategy at Reliance Securities, domestic equities witnessed strong rebound as robust Q4 FY21 earnings and early sign of decline in second wave of daily caseload bolstered investors' confidence.

A consistent reduction in COVID-19 daily caseload, which fell below 3 lakh on Sunday, certainly augurs well for markets. It indicates that prediction of receding second wave of COVID-19 by the end of May or mid of June holds true and adverse impact of second wave should not be felt beyond Q1 FY22," he said.

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

Stock exchanges in Europe were trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.06 per cent higher at USD 68.75 per barrel.

Gold, Silver Gain On Strong Global Trends

Gold in the national capital on Monday rose by Rs 348 to Rs 47,547 per 10 gram following a strong global trend, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 47,199 per 10 gram.

Silver also zoomed Rs 936 to Rs 71,310 per kilogram from Rs 70,374 per kilogram in the previous trade.

In the international market, gold was trading with gains at USD 1,853 per ounce and silver was trading flat at USD 27.70 per ounce.

"The yellow metal rose with a decline in US bond yields, " according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services said, "Gold prices continued to trade higher hovering near to around three-month highs, as a weaker dollar and a dip in US yields on the back of weak US economic data reported last week boosted metal's appeal."

Rupee Rises By 7 Paise To 73.22 Against Dollar

The rupee rose for the second straight session on Monday to close 7 paise higher at 73.22 (provisional) against the US dollar on the back of positive domestic equities and weak American currency.

At the interbank forex market, the rupee opened at 73.24 and hit an intra-day high of 73.16 and a low of 73.26.

The local unit finally settled at 73.22, registering a gain of 7 paise over its previous close. On Friday, the rupee had closed at 73.29 against the US dollar.

The domestic unit has appreciated 20 paise in the last two trading sessions.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 90.23.

On the domestic equity market front, the BSE Sensex ended 848.18 points or 1.74 per cent higher at 49,580.73, while the broader NSE Nifty advanced 245.35 points or 1.67 per cent to 14,923.15.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 2,607.85 crore on Friday, as per provisional data.

Brent crude futures, the global oil benchmark, rose 0.19 per cent to USD 68.84 per barrel. Meanwhile, India's COVID-19 tally mounted to 2,49,65,463 on Monday with 2,81,386 fresh COVID-19 cases, the lowest in 27 days, while the death toll climbed to 2,74,390 with 4,106 fatalities, according to Union health ministry data.

Other Stories