Sensex rallies 424 pts on RBI announcements, financial stocks shine

0 114 1 minute read

Mumbai, May 05 (PTI): Market benchmark Sensex rallied 424 points on Wednesday, led by gains in financial stocks after the RBI unveiled a slew of measures to support the economy facing strong headwinds amid peaking second wave of the COVID-19 pandemic.
The 30-share BSE index jumped 424.04 points or 0.88 per cent to close at 48,677.55.
Similarly, the broader NSE Nifty surged 121.35 points or 0.84 per cent to 14,617.85. Sun Pharma was the top gainer in the Sensex pack, soaring around 6 per cent, followed by Kotak Bank, Axis Bank, IndusInd Bank, ICICI Bank, Dr Reddy’s, Titan and TCS.
On the other hand, Bajaj Finance, Asian Paints and HUL were the laggards.
“Domestic equities rebounded mainly supported by financials, IT and pharma. Notably, announcement of liquidity supports by the RBI’s Governor to tackle the challenges coming from second wave of COVID-19 crisis aided financials to rebound,” said Binod Modi, Head Strategy at Reliance Securities.
Elsewhere in Asia, bourses in Hong Kong ended on a negative note, while Seoul, Shanghai and Tokyo were closed for holidays.
Equities in Europe were trading with significant gains in mid-session deals.
The Hang Seng in Hong Kong lost 0.6% to 28,397.29 while the S&P-ASX 200 in Sydney rose 0.4% to 7,094.90. New Zealand’s benchmark lost 0.4%, Singapore shed 1% and Bangkok tumbled 1.8%.