Sensex rises 595 points to close at 32,201; Nifty ends near 9,500

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May 28, 2020

(Representative image)

NEW DELHI: Equity indices on Thursday settled higher for the second consecutive session, with the benchmark BSE sensex rising nearly 600 points led by gains in IT, banking and auto stocks.
The 30-share BSE index finished 595 points or 1.88 per cent higher at 32,201; while the broader NSE Nifty closed 175 points or 1.88 per cent up at 9,490.
Top gainers in the sensex pack included L&T, Hero MotoCorp, HDFC Bank, IndusInd Bank, Maruti, HDFC and HCL Tech with their shares rising as much as 5.88 per cent. 27 out of 30 stocks finished in green.
While ITC, SBI and Bharti Airtel were the only losers falling up to 0.83 per cent.
On NSE, sub-indices Nifty Auto, Media and Private Bank gained up to 3.65 per cent.
Benchmarks are rising on account of short-covering by market participants ahead of May derivatives expiry, analysts said.
However, investor sentiment continues to remain cautious as coronavirus cases has been on a rise in the country, they noted.
“The banking stocks have been a major underperformer and drag in the markets. Some stocks hit fresh lows and traders chipped in and sought bargains,” Saurabh Jain, assistant vice president of research at SMC Global Securities told news agency Reuters.
“There are concerns with respect to the banking sector and the delinquency which is going to rise. This surge mostly looks like a small bounce,” Jain added.
The number of coronavirus cases in India climbed to over 1,58,000 and the death toll crossed 4,500-mark, as per health ministry data.
Meanwhile, the rupee settled 5 paise down at 75.76 against the US dollar amid escalating tension between the US and China.
On a net basis, foreign portfolio investors sold equities worth Rs 334.74 crore in the capital market on Wednesday, provisional exchange data showed.
(With agency inputs)


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