Bulls roar on D-Street, Sensex up 790 points
Mumbai, Maharashtra: Equity benchmark indices shot up for third consecutive day on Wednesday after strong Q4 corporate earning results with auto and banking scrips leading the rally. The BSE S&P Sensex closed 790 points or 1.61 per cent higher at 49,734, while the Nifty 50 moved up by 212 points or 1.44 per cent to 14,865. Investors said the recent upmove in market is based on expectation that FY22 will remain strong for the economy though the second wave of Covid-19 may hit earnings in Q1. Except for Nifty metal, pharma and realty which dipped marginally, all sectoral indices at the National Stock Exchange were in green zone with Nifty private bank surging by 3 per cent, PSU bank by 2.6 per cent, financial service by 2.9 per cent and auto by 1.7 per cent.
Shares of Bajaj Group companies rose dramatically with Bajaj Finance up by 8 per cent, Bajaj Finserv by 3.8 per cent and Bajaj Auto by 2.7 per cent. IndusInd Bank rose by 4.9 per cent, Kotak Mahindra Bank by 3.7 per cent, ICICI Bank by 3.5 per cent, HDFC Bank by 2.5 per cent and State Bank of India by 2.8 per cent. However, FMCG major Britannia fell by 2 per cent to Rs 3,470 per share while Nestle India was down by 1 per cent. Hindalco, JSW Steel, Hindalco, HDFC Life, Adani Ports and Cipla traded with a negative bias. Meanwhile, Asian shares were mixed as already high valuations discouraged investors from buying equities ahead of a closely-watched US Federal Reserve meeting. Stocks in Tokyo edged 0.21 per cent higher while Hong Kong's Hang Seng index moved up by 0.45. But South Korea's Kospi was down by 1.06 per cent.
