In the 30-share pack Sensex, Bajaj twins were the biggest gainers, up about 7 per cent each.
Continue reading on Economic TimesNEW DELHI: Domestic benchmark indices continued their gaining momentum in Monday’s session, following the global trend in equities. However, gains were capped by fast-rising Covid-19 cases in India and abroad that dented hopes of a quick recovery in economic conditions.
Total number of Covid-19 patients in India reached over 4.2 lakh while fatalities climbed above 13,700 levels. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period.
At 09.50 am, BSE flagship Sensex was up 480 points or 1.41 per cent to 35,211 while NSE benchmark Nifty gained 137 points or 1.12 per cent to 10,381. Pharma, banks and media stocks were in high demand while IT stocks were under selling pressure.
In the 30-share pack Sensex, Bajaj twins were the biggest gainers, up about 7 per cent each, followed by IndusInd Bank, NTPC, Bajaj Auto and Axis Bank that gained in the range of 3-4 per cent.
Broader market indices were faring in line with their headline peers as Nifty Smallcap gained 1.55 per cent while Nifty Midcap added 1.10 per cent. Broadest index on NSE, Nifty 500 was up 0.99 per cent.
Barring Nifty IT that slipped 0.12 per cent, all sectoral indices were trading with gains on NSE. Nifty Pharma was the biggest gainer, up 2.07 per cent while Nifty PSU Bank and Nifty Media also gained about 2 per cent each.
Globally, US stock futures erased losses and Asian stocks held flat trying to shake off worries that rising coronavirus cases in the United States could scupper a quick economic rebound from the massive downturn triggered by the pandemic.
US S&P 500 futures rose 0.4 per cent, having erased early losses of 1.05 per cent while Japan’s Nikkei also eked out gains of 0.1 per cent, similarly recovering from early losses.
MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat while mainland Chinese stocks ticked up 0.3 per cent to 3-1/2-month highs.
After a brutal sell-off earlier this year, share prices had risen globally over the past three months, helped by massive stimulus around the world and hopes the worst of the pandemic was over.