Sensex rebounds 359 points; financial, pharma stocks key drivers

Mumbai: The BSE benchmark Sensex surged nearly 359 points to close above the 52,300-level on Thursday, with financial, pharma and IT shares gaining the most amid positive global cues.

The 30-share Sensex finished 358.83 points or 0.69 per cent higher at 52,300.47. Intra-day, the index swung between a high of 52,346.35 and a low of 51,957.92.

Similarly, the broader NSE Nifty climbed 102.40 points or 0.65 per cent to end at 15,737.75.

On the Sensex chart, Bajaj Finance, Bajaj FinServ, SBI, IndusInd Bank, Dr Reddy’s, Tech Mahindra, ITC and Kotak Bank were the prominent gainers rising up to 7.29 per cent.

On the other hand, Bajaj Auto, Maruti, HCL Tech, Ultratech Cement, PowerGrid, ONGC and Nestle suffered losses.

Of the 30 shares in the Sensex pack, 23 ended with gains.

Elsewhere in Asia, stock markets closed with gains ahead of crucial US inflation data for May.

On the forex market front, the Indian rupee lost 9 paise to end at 73.06 against the US dollar on Thursday.

“Many states have eased lockdown restrictions since the peaking of the second COVID wave in early May. The central bank is maintaining its accommodative stance, while the government has launched another fiscal package via the distribution of free vaccines and food,” said Jen-Ai Chua, Equity Research Analyst Asia, Julius Baer.

“India is expected to vaccinate two-thirds of its population with a first dose by early 2022 — a key move that should boost its COVID containment efforts. We maintain our constructive view on the market,” he added.

The active COVID-19 cases in the country have reduced to 11,67,952 comprising 4 per cent of the total infections, while the national recovery rate has improved to 94.77 per cent, the Health Ministry data showed on Thursday.

Meanwhile, 94,052 new cases took the tally to 2,91,83,121; while a net decline of 63,463 cases has been recorded in the total number of COVID-19 cases in a span of 24 hours, the data showed.