CLOSING BELL
Stock market highlights: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors. The S&P BSE Sensex clocked a one-way rally of 1,564 points, or 2.7 per cent, to end at 59,537. The Nifty50, too, surged 446 points, or 2.58 per cent, to close at 17,759.
All the 50 constituents of the Nifty50 index settled higher with Bajaj twins, IndusInd Bank, ICICI Bank, Tech M, Tata Motors, Kotak Bank, HDFC, HUL, Tata Steel, Axis Bank, HDFC Bank, and SBI jumping between 3 per cent and 5.4 per cent.
“Though India can’t decouple from the rest of developed and emerging markets, there is a strong expectation of relative outperformance on the back of improved macros, robust trend in most of the high frequency indicators, progress and coverage of monsoon, lower commodity prices, improvement in credit growth, expectation of big festive demand after a long Covid induced slowdown, capex roadmap by public and private sector, and improvement in corporate profitability,” he said.