Equities rally for third day as earnings eclipse Covid gloom

Equities rally for third day as earnings eclipse Covid gloom

Mumbai, April 28

The Sensex soared 790 points while the Nifty vaulted above the 14,850-mark on Wednesday as markets maintained their winning streak for the third session on the trot amid robust corporate results.

A strengthening rupee and short covering ahead of F&O expiry also fuelled the rally, traders said, even as the Covid situation remained an overhang. The BSE Sensex surged 789.70 points or 1.61% to finish at 49,733.84. Similarly, the NSE Nifty surged 211.50 points or 1.44% to 14,864.55.

Bajaj Finance was the star performer in the Sensex pack, surging 8.32%, a day after it posted a 42% increase in consolidated net profit at Rs 1,347 crore for the March quarter.

Bajaj Finserv gained 4.06% after reporting an over four-fold jump in consolidated net profit to Rs 979 crore for the fourth quarter.

IndusInd Bank, ICICI Bank, Kotak Bank, SBI, Bajaj Auto, HDFC Bank and HDFC were among the other prominent winners, climbing as much as 5.08%.

“Continued rebound in financials aided benchmark indices to defy concerns of rising Covid cases. A visible contraction in daily caseload in Maharashtra and Mumbai offered comfort to market. Further, short covering ahead of F&O expiry also contributed to the rally.

“Notably, strong 4Q FY21 numbers delivered by ICICI Bank, Axis Bank and Bajaj Finance along with strong commentaries from managements despite ongoing challenges supported rally in financials. Notably, rebound in equities this week added over Rs 6 lakh crore to investors’ wealth in last three days,” said Binod Modi, Head - Strategy at Reliance Securities. — PTI

Sensex surges 790 points

  • A strengthening rupee and short covering ahead of F&O expiry also fuelled the rally, traders said, even as the Covid situation remained an overhang
  • The Sensex surged 789.70 points to finish at 49,733.84 while the Nifty surged 211.50 points to 14,864.55

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