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Sensex Gains Over 350 Points As Financial, Pharma Stocks Jump

Sensex Gains Over 350 Points, Nifty Touches 11,300; Financial, Pharma Stocks Jump

Larsen & Toubro, HDFC Bank and Kotak Mahindra Bank were the top boosts to the Sensex

Domestic stock markets rose 1 per cent on Monday amid a cautious trend across Asian equities, as worries over flaring tensions between the US and China weighed on sentiment although signs of a recovery in industrial activity in the world’s second-largest economy capped losses. The S&P BSE Sensex index gained 380.11 points to touch 38,364.81 in morning deals, and the broader NSE Nifty 50 benchmark climbed to as high as 11,326.50, up 112.45 points from its previous close. 

At 10:10 am, the Sensex traded 319.83 points – or 0.84 per cent – higher at 38,360.40 while the Nifty was up 91.50 points – or 0.82 per cent – at 11,305.55.  

Cipla, Mahindra & Mahindra, Larsen & Toubro, Tata Motors and Kotak Mahindra Bank, trading between 2.15 per cent and 5.47 per cent higher, rose the most among the 35 gainers in the 50-scrip Nifty basket.

On the other hand, Hindalco, Maruti Suzuki and Asian Paints, down 1.55 per cent, 0.75 per cent and 0.71 per cent respectively, were the top Nifty losers.

Larsen & Toubro, HDFC Bank and Kotak Mahindra Bank were the top boosts to the Sensex.

Equities in other Asian markets traded on a cautious note on concerns about US-China tension and rising COVID-19 cases worldwide. MSCI’s broadest index of Asia-Pacific shares outside Japan fluctuated in a tight range between gains and losses, but remained below a more than six-month month peak touched last week.

It was last seen trading 0.18 per cent lower, while Japan’s Nikkei 225 index was down 0.39 per cent.

The E-Mini S&P 500 futures were up 0.15 per cent at the time, indicating a positive start for US markets on Monday.

Last Friday, the Sensex ended a volatile session on a flat note, closing 15.12 points higher at 38,040.57, and the Nifty settled at 11,214.05, up 13.90 points from its previous close. 

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