Sensex Climbs 848 Pts.,Nifty Tops 14923 Level; SBI Rallies Over 6 Per Cent

Indian benchmark indices in trade on May 17, 2021 extended their morning gains and were up close to 2 percent. Broader markets also performed in line with the key indices. The resilience in the Indian stock market came as there was a daily drop in Covid 19 positive cases across the country.

Sensex Climbs 848 Pts.,Nifty Tops 14923 Level; SBI Rallies Over 6 Per Cent

The outlier in the session has been the Nifty Bank which gained over 4 percent, gaining more than1280 points intra-day. This is even as the Asian markets witnessed mixed session, with Taiwan leading the losses of up to 3 percent while Shanghai Composite and Straits Times gained up to 0.78 percent.

At the closing Sensex ended higher by 848 points, while Nifty topped levels of 14923 . Top gainers during the session were IndusInd Bank, SBI, ICICI Bank, HDFC Bank and UPL, while losers include Cipla, Bharti Airtel,Larsen and Toubro and SBI Life.

Among Nifty sectoral constituents, the major run up has been lent by the banking and financial space with Nifty private bank, running up the most. The top gainers from the pack include IndusInd Bank (up 7%), RBL Bank (up over 4%), ICICI Bank (up 4.4%) and HDFC Bank, Federal Bank, Axis Bank and IDFC First Bank also gaining more than 3 percent.

In the PSU Bank space, SBI shares outperformed gaining over 6%, and hitting day' high price of Rs. 384.55.

Other sectoral indices, namely Nifty auto, metal and realty also gained in a strong market with gains in the range of over 1 percent to more than 2 percent.

Individually, Mangalore Chemicals and Fertilisers continued to trade weak even after posting close to double total income for the quarter ended March of FY21. Also, the company's PAT for the period under review almost came in 14 times from 0.8 crore in December quarter to Rs. 14 crore in Q4FY21.

Apollo Hospitals and Dr Reddys announced their collaboration with Sputnik V for initiating the vaccination drive against coronavirus. Sputnik V is the world's first registered coronavirus vaccine. On the news, scrip of Apollo and Dr Reddys traded up by up to 1 percent.

Meanwhile, European markets traded mixed with gains on the German DAX of 0.3%, while FTSE and French CAC were down by over 0.38%.

Interestingly, Indian markets also overlooked the April WPI data which hit double digit levels on fuel price hike.

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