Nifty Ends Above 10,000 For First Time Since March Led By Banks

Nine of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index's over 5 per cent gain.

The S&P BSE Sensex and NSE Nifty 50 indexes rallied for a sixth day in a row led y gains in banking and financial services heavyweights. The benchmarks staged a gap up opening taking cues from strong global markets. The Sensex surged as much as 663 points and Nifty 50 index touched an intraday high of 10,176.20. However, due to profit booking in last houe of trade ahead of weekly future and option contracts led to the benchmarks coming off intraday high levels.
The Sensex ended 0.84 per cent or 284 points higher at 34,109.54 and the Nifty 50 index advanced 0.83 per cent or 82 points to close at 10,061.55.
A combination of factors, such as as easing of lockdown restrictions in the country and global cues, are propelling the markets, Anita Gandhi, director at Arihant Capital Markets, told NDTV. "Also, the India Meteorological Department (IMD) projected above-normal monsoon."
Nine of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index's over 5 per cent gain. Nifty Bank, Realty, Financial Services and Private Bank indexes also rallied between1.8-3.1 per cent each.
On the other hand, Nifty IT index was top loser, down 0.4 per cent.
Mid- and small-cap shares also witnessed buying as Nifty Midcap 100 index rose 0.4 per cent and Nifty Smallcap 100 climbed 1.2 per cent.
Among the individual shares, InterGlobe Aviation - which operates the country's largest airline IndiGo - climbed up nearly 13 per cent. On Tuesday, the company reported a consolidated loss of ₹871 crore in the January-March period, as against a profit of ₹596 crore in the corresponding quarter a year ago. InterGlobe said it planned to cut costs and phase out older planes to tackle the economic costs of coronavirus.

Britannia Industries shares surged more than 7 per cent to register a record high, a day after the fast-moving consumer goods major reported a better-than-expected profit in the quarter ended March 31.

Mahindra & Mahindra was top Nifty gainer, the stock rose 5.4 per cent to close at ₹488. Bajaj Finance, Kotak Mahindra Bank, Nestle India, ICICI Bank, State Bank of India, ONGC, Shree Cements and HDFC Bank were also among the gainers.

On the flipside, Zee Entertainment, NTPC, Bharti Infratel, Wipro, IndusInd Bank, Coal India and UPL were among the losers.

The overall market breadth was extremely bullish as 1,658 shares ended higher while 860 closed lower on the BSE.

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