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    Home / News / Business News / Sensex rallies over 400 points in early trade
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    Sensex rallies over 400 points in early trade
    Sensex was trading at 49,973.42

    Sensex rallies over 400 points in early trade

    By Nikita Gupta
    (PTI desk)
    May 21, 2021
    11:28 am

    What's the story

    Equity benchmark Sensex rallied over 400 points in opening trade on Friday, tracking gains in index majors HDFC twins, ICICI Bank, and Kotak Bank, despite a negative trend in global markets.

    The 30-share BSE index was trading 408.56 points or 0.82 percent higher at 49,973.42, and the broader NSE Nifty surged 119.35 points or 0.80 percent to 15,025.40.

    Information

    Who were the top gainers or losers?

    IndusInd Bank was the top gainer in the Sensex pack, advancing around three percent, followed by Kotak Bank, SBI, HDFC Bank, ICICI Bank, and Bajaj Finance. On the other hand, PowerGrid was the sole loser.

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    Previous session

    Sensex closed 0.68 percent lower in the previous session

    In the previous session, the 30-share BSE index, Sensex finished at 49,564.86, down by 337.78 points or 0.68 percent, and Nifty closed 124.10 points or 0.83 percent lower at 14,906.05.

    Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 71.04 crore on Thursday, as per provisional exchange data.

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    Market trends

    Declining COVID-19 cases offer comfort to the market

    Domestic equities look to be good as of now, said Binod Modi Head of Strategy at Reliance Securities, adding that benchmark indices witnessed sharp run-up this week despite selling pressure seen in the last two days.

    As the daily COVID-19 caseload continued to be below three lakh, it offered comfort and may result in the lifting of ongoing state-level lockdowns sooner.

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    Expert talks

    Impact of second wave might be limited to Q1 2022

    Further, the assumption of the second wave of COVID-19 to peak out by the end of May or mid of June holds true and the adverse impact of the second wave should not be felt beyond the first quarter of the financial year 2022, Modi noted.

    In the US, stocks ended higher mainly on upbeat economic data, Modi further added.

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    Global markets

    Brent crude was trading at $65.16 per barrel

    In the US, jobless benefit claims for last week fell to a pandemic low of 4.44 lakh.

    Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Seoul were trading on a negative note in mid-session deals, while Nikkei was trading in the positive terrain.

    Meanwhile, international oil benchmark Brent crude was trading 0.09 percent higher at $65.16 per barrel.

    Done!
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