Sensex rises 568 points as metal, financial stocks shine; Nifty ends above 14,500 – Times of India

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NEW DELHI: Equity indices jumped on Friday with benchmark BSE sensex closing over 550 points led by metal, FMCG and financial stocks.
The 30-share BSE index surged 568 points or 1.17 per cent to close at 49,008; while the broader NSE Nifty settled 182 points or 1.27 per cent to close at 14,507.
Top gainers in the sensex pack included Bajaj Finserv, Titan, Asian Paints, HUL, Bharti Airtel and Bajaj Auto rising as much as 4.38 per cent.
While PowerGrid, IndusInd Bank, ITC and TCS were the only losers falling up to 1.20 per cent.
On the NSE platform, sub-indices Nifty Metal, FMCG and Financial Services gained as much as 3.68 per cent.
“There is some rebalancing in portfolios ahead of the new financial year (in India) … The US jobs data has also had something to do with reviving risk appetite,” Anand James, chief market strategist at Geojit Financial Services told news agency Reuters.
US labor department data showed claims for unemployment benefits dropped to a one-year low last week, a sign that the US economy is on the verge of stronger growth as the public health situation improves.
However, there are worries lingering due to the emerging of new virus strains and their impact on economic growth, James added.
India’s daily Covid-19 cases hit a five-month high on Thursday. The country this week reported a new variant of the coronavirus, termed as “double mutant” in more than 200 samples in the hardest-hit Maharashtra.
Globally, Asian shares rebounded on optimism about a global economic recovery.
US equities recovered from the day’s low and finished with modest gains mainly supported by improved job data and revised GDP figures for the December quarter.
Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market on Thursday as they offloaded shares worth Rs 3,383.60 crore, as per exchange data.
(With inputs from agencies)



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