The Indian equity benchmarks extended gains in noon deals as market sentiment improved after domestic coronavirus cases fell below the 300,000 mark for the first time since April 21. Banking, auto, financial services and realty shares were witnessing strong buying interest. The Sensex rose as much as 665 points to hit an intraday high of 49,397.19 and Nifty 50 index moved above its important psychological level of 14,850. HDFC Bank, ICICI Bank, HDFC, State Bank of India and Axis Bank were among the op movers in the Sensex.
As of 1:13 pm, the Sensex rose 651 points or 1.34 per cent to 49,383 and Nifty 50 index climbed 1.18 per cent or 173 points to 14,851.
India reported 281,386 new coronavirus infections over the last 24 hours, the lowest since April 21, helped by extended lockdowns in some states.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Bank index’s over 3 per cent gain. Nifty Auto, Financial Services, PSU Bank, Private Bank and Realty sector gauges also rose between 1.5-3.3 per cent.
On the other hand, select pharma and media shares were witnessing selling pressure.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index 1.2 per cent and Nifty Smallcap 100 index advanced 0.8 per cent.
State Bank of India was top Nifty gainer, the stock rose 4.5 per cent to Rs 377. IndusInd Bank, UPL, ICICI Bank, HDFC Bank, Bajaj Finserv, Axis Bank, Adani Ports, Eicher Motors, Shree Cements, Hero MotoCorp, Tata Motors and Grasim Industries also rose between 2-4 per cent.
On the flipside, Cipla, Larsen & Toubro, Sun Pharma, Bharti Airtel, SBI Life, Coal India, NTPC, Nestle India, Hindalco, Tata Steel, JSW Steel, Hindustan Unilever and Power Grid were among the losers.
The overall market breadth was positive as 1,954 shares were advancing while 1,042 were declining on the BSE.