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Unlock 5, PMI Data Propels Sensex 629 Points Higher

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Markets sentiments were buoyant on Thursday, with the Sensex ending the day higher by 629 points on positive domestic as well as global cues.

The government announced unlock 5, which would now allow cinemas, theatres, and multiplexes to operate with up to 50 percent of their seating capacity. India's factory activity also accelerated to its fastest in 8 years, which helped propel the indices higher.

The IHS Markit India Manufacturing Purchasing Managers' Index (PMI) increased to 56.8 in September from 52 in August, signalling back-to-back improvements in the health of the sector since the easing of lockdown restrictions in June.

Unlock 5, PMI Data Propels Sensex 629 Points Higher
 

"The Indian manufacturing industry continued to move in the right direction, with PMI data for September highlighting many positives. Due to loosened Covid-19 restrictions, factories went full steam ahead for production, supported by a surge in new work," said Pollyanna De Lima, Economics Associate Director at IHS Markit.

Banking stocks were the clear leaders in trade, with the Bank Nifty rallying as much as 3.7 per cent in trade. Strong buying was seen across the entire banking pack, with stocks like ICICI Bank and IndusInd Bank seeing sharp rallies. In fact, four out of the top 5 gainers from the Nifty were from the banking and NBFC space.

Hindalco, Dr Reddy's and ITC were among the losers from the Nifty today.

Read more about: sensex pmi
Story first published: Thursday, October 1, 2020, 15:37 [IST]
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