Sensex Surges Over 500 Points To Reclaim 50,000, Nifty Back Beyond 15,000

The domestic stock markets have opened strong, continuing with the momentum witnessed in the previous session, on the back of positive Asian cues and a decline in Covid cases across the country. At 9:18 am, the BSE Sensex had reclaimed the 50,000 mark and was trading at 50,150.55, higher by 571.35 points or 1.14 per cent and the NSE Nifty was back above the 15,000 mark at 15,091.75, up 170.80 points or 1.15 per cent.

Asian markets rose as investors reacted to the release of Japan’s first quarter gross domestic data. The Taiwan index surged 3.28 per cent, Nikkei jumped 2.12 per cent and Topix index advanced 1.49 per cent.

Technology stocks pulled Wall Street’s main indexes lower on Monday, as signs of inflationary pressures building up in the economy kept investors worried about monetary policy tightening.

The Dow Jones was dow 0.46 per cent, at 34,223.93, the S&P 500 was down 0.47 per cent and the Nasdaq Composite was down 0.69 per cent.

On the earnings front, Tata Motors, Canara Bank, Aarti Industries and Abbott India will announce their Q4 numbers during the day. Financial and banking stocks are witnessing buying interest this morning. Bajaj Finance, Axis Bank, IndusInd Bank, HDFC Bank and ICICI Bank have obtained between 1.7 per cent and 3 per cent each to emerge among the top gainers in the BSE pack. And Tata Motors has gained 1.4 per cent ahead of its Q4 results scheduled during the day.

On the other hand, Bharti Airtel has shed over a per cent to be the only loser on the BSE. Post market hours on Monday, Bharti Airtel reported a consolidated net profit of ₹ 759 crore for the period ended March 31, 2021, for which it credited robust customer addition and a major spurt in home business segment. The company had posted a loss of ₹ 5,237 crore during the corresponding period of FY20