Positive global cues, solid earnings results and expectations that active cases in the ongoing second COVID-19 wave in India will peak between May 14 and 18 helped Indian shares end higher for the third day running on Wednesday.
The benchmark 30-share BSE Sensex jumped 789.70 points, or 1.61 percent, to 49,733.84, while the broader NSE Nifty index ended up 211.50 points, or 1.44 percent, at 14,864.55 ahead of Thursday’s expiry of the monthly F&O contracts.
Banks, auto and financial stocks topped the gainers, while metal and healthcare stocks underperformed.
Bajaj Finance soared as much as 8 percent after the non-banking finance company reported stable quarterly earnings and said that it can mitigate any disruption caused by the second wave of COVID infections in the first quarter.
Kotak Mahindra Bank, Bajaj FinServ, Eicher Motors and IndusInd Bank rallied 4-5 percent, while Divis Laboratories, Nestle India, Hindalco and Britannia Industries fell 1-2 percent.
S&P Global Ratings today said the second wave of COVID infections poses downside risks to India’s GDP and heightens the possibility of business disruptions.
“This may prompt us to revise our base-case assumption of 11 percent growth over fiscal 2021-2022, particularly if the government is forced to reimpose broad containment measures,” S&P said in a statement.
Market Analysis
Sensex, Nifty Extend Gains Ahead Of F&O Expiry
2021-04-28 10:53:28
