Metals and Banks Boost Markets by Over 1%

  • Stock Market News
Metals and Banks Boost Markets by Over 1%

By Aditya Raghunath -- Nifty 50  and the BSE Sensex 30 continued to move up by over 1% for the second day in a row thanks to sustained buying in metals and bank stocks.

Nifty closed up at 14,653 or 1.16% and settled comfortably over the 14,500 level that it struggled to break for the last few weeks. BSE Sensex gained 1.15% today. Nifty Bank has also continued to move up smartly, gaining 1.43% today.

Top gainers on Nifty today were Hindalco Industries Ltd. (NS: HALC ), up 5.07%, followed by Tata Steel Ltd (NS: TISC ) (up 4.38%) and Larsen & Toubro Ltd (NS: LART ) (up 3.6%). HDFC (NS: HDFC ) Life Insurance Company Ltd (NS: HDFL )fell 3.58% as did SBI (NS: SBI ) Life Insurance Company Ltd (NS: SBIL ) which closed down 1.64%.

Nifty Midcap 50 closed up 1.44% while NIfty smallcap 50 gained 2.02%.

In a strong statement, around 40 CEOs from top companies in the US have come together to help India fight the second wave of the pandemic. They have committed to get 20,000 oxygen concentrators to India in the next few weeks, Deloitte CEO Punit Renjen told PTI.

Asian stocks ended mixed today with Nikkei 225 losing 0.46% while KOSPI 50 and the Shanghai Composite ended flat.

US Futures are all trading flat at the time of this report. The Federal Reserve starts a two-day meeting today amid growing signs of a global recovery. Earnings season reaches its peak with industrial blue-chips early on and Microsoft Corporation (NASDAQ: MSFT ) and Alphabet Inc Class C (NASDAQ: GOOG ) due after the close.

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