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Benchmark equity indices extended gains for the fourth straight session as healthy buying observed in blue-chip stocks like Sun Pharma, Dr Reddy's Lab and ONGC along with mid and small-cap stocks
After opening on strong footing benchmark equity indices extended gains for the fourth straight session as healthy buying observed in blue-chip stocks like Sun Pharma, Dr. Reddys Lab and ONGC along with mid and small-cap stocks. Sentiments got a boost as Union Health Ministry stated that India is the fastest country globally to administer 17 crore COVID-19 vaccine doses. At close, Sensex surged 295 points or 0.60% at 49,502, and the Nifty soared 119 points or 0.80% at 14,942.
L&T, Dr Reddy’s, Sun Pharma, NTPC and PowerGrid soared anywhere between 2.40-3.90%. Whereas stocks like UltraTech Cement, Infosys, Reliance Industries, HCL Tech and Axis Bank were the laggards losing up to 1.25%.
On the sectoral front, all indices ended in the green with Nifty Metal being the star of the day ended with gains of 3.14%, followed by the Nifty Pharma index rallying 2.80% and Nifty Auto index surging 1.56%. Nifty Bank & Nifty Realty indices rose around 0.75%. While Nifty FMCG and Nifty IT indices were up 0.24% and 0.02% respectively.
“Domestic bourses continued to ride on its optimistic wave mirroring strong across-the-board buying with metals, auto and pharma stocks leading the rally. U.S job growth significantly slipped its April forecast signalling sluggish momentum in the labour market while a cyber attack hiked the US oil prices. Despite a decline in April auto sales numbers due to the impact of covid lockdowns, the auto sector managed to stay afloat owing to its long term positive outlook,” said Vinod Nair, Head of Research at Geojit Financial Services.
Buyers outnumbered sellers as 1,344 shares advanced versus 612 stocks declining and 342 scrips remained unchanged. The broader market outperformed benchmark indices as BSE MidCap & BSE SmallCap indices rallied around 0.95% each.
Global markets:
Most European shares declined while most Asian stocks advanced on Monday, 10 May 2021 following a big miss in the April U.S. jobs report. U.S. job growth unexpectedly slowed in April 2021, likely restrained by shortages of workers, the Labor Department report on Friday showed. US employers hired 2,66,000 new workers in April 2021, according to the labour department’s monthly non-farm payrolls report. The unemployment rate rose to 6.1% last month amid an escalating shortage of available workers. Meanwhile, March’s originally estimated total of 9,16,000 was revised down to 7,70,000.
US stocks notched a record close on Friday, 7 May 2021 in what proved to be a volatile day in financial markets following a much weaker than expected jobs report. The S&P 500 climbed 0.7% to 4,232.60, hitting a record high. The Dow Jones Industrial Average rose 229.23 points, or 0.7%, to 34,777.76 to reach another closing high. The tech-heavy Nasdaq Composite rose 0.9% to 13,752.24.