Financials gain as Sensex, Nifty rise to a new high amid hopes of early Covid Vaccine
Mumbai : Markets got a boost on Tuesday as reports of early Covid-19 vaccine expected from Pfizer trickled in with sectors such as tourism and airline — which had seen a decline during the lockout period — increasing performance.
Among the major gainer was the Banking sector though IT and Pharma saw profit booking as reports talked about success from early trials of Pfizer’s vaccine.
The 30-share pack Sensex surged ahead with 680.22 points or 1.60 per cent to close at 43,277.65 to a new high while Nifty rose 170.05 points or 1.36 per cent to end at 12,631.10, a record of sorts.
The indices moved to a new high amid strong global hues with Financials giving a boost even as IT and Pharma sectors witnesses heavy sell offs.
HDFC, RIL were the biggest contributors to Sensex and Nifty while IT and Pharma were the biggest losers.
The Gland Pharma IPO received relatively poor response as it was subscribed 17 per cent so far. Airline stocks rose unto ten per cent after news of successful trial of Covid vaccine came in.
Among the 127 stocks that reached a 52-week new high were Escorts, Havells, Indigo, SRF, Pfizer, KPR Mill, HDFC Bank and JSW Steel.
Among the large cap sector Bajaj Finance was the biggest gainer as it increased 8.93 per cent at Rs 4,210. The major gainers included IndusInd Bank, L&T, Bajaj Finserv, SBI, HDFC, GAIL, ICICI Bank and HDFC Bank which rose 4 to 8 per cent.
Tech Mahindra was the biggest loser in Nifty as it went down 5.73 per cent to 822.70. Among the other losers were Cipla, HCL Tech, Divi’s Laboratories, Nestle India, Infosys, Dr Reddy’s Laboratories and Sun Pharma falling between 3 and 6 per cent.
Nifty Smallcap declined 0.06 per cent, Nifty Midcap rose 0.28 per cent while Nifty 500 added 0.91 per cent.
Ashok Leyland, M&M Financial Services, AU Small Finance Bank, Lemon Tree Hotels, Ircon International and VIP Industries emerged top gainers in Mid and Smallcap Index rising behind 6 to 10 per cent.
Thyrocare Technologies, Strides Pharma, Sun Pharma Advanced Research, Ipca Laboratories, Dr Lal Pathlabs and Coromandel International were the top losers from the broader market space, declining 5 to 9 per cent.
Experts said investors would keep a close watch on Gland Pharma IPO which is facing problems due to its Chinese connection. It is scheduled to close on Wednesday. Investors are also expected to watch Q2 results of some companies.
