Sensex Surges Over 500 Points, Nifty Ends Above 14,850 As Metals Shine

JSW Steel, Hindalco and Tata Steel spurted 6.3 per cent to 8.6 per cent each on BSE

The benchmark indices started financial year 2022 on a strong footing, ending at the highest point of the day, taking cues from green across the European and Asian markets. The BSE Sensex reclaimed the 50,000 mark to end at 50,029.83, stronger by 520.68 points or 1.05 per cent and the NSE Nifty ended at 14,867.35, up 176.65 points or 1.20 per cent. The BSE Metal index galloped by more than 5 per cent, while the healthcare, oil and IT indices gained around a per cent each. 

The broader markets outperformed their largecap counterparts, with the BSE Midcap index and BSE Smallcap index adding 1.6 per cent and 2 per cent respectively. 

Asian stocks had a firm session of trade across the board after big tech rallied on Wall Street, overnight, and as President Joe Biden announced a multi-trillion-dollar infrastructure investment plan. The European indices, including the CAC, FTSE and DAX were also going strong in early trrading.

The day clearly belonged to the metal stocks, with JSW Steel, Hindalco and Tata Steel gaining 6.3 per cent to 8.6 per cent each on the BSE. Financial stocks also had a good session, with IndusInd Bank, Kotak Mahindra Bank, Bajaj Finance and Axis Bank adding between 2 per cent and 4 per cent each on the BSE.

On the other hand, Hindustan Unilever, HSDFC Life, HDFC Bank and TCS shed up to a per cent each.

The market breadth was strong. Out of 3043 stocks traded on the BSE, there were 2137 advancing stocks as against 752 declines.

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