Sensex surges 515 points ahead of GDP data; Nifty hits fresh closing high of 15,583

NEW DELHI: Equity indices jumped on Monday with benchmark BSE sensex rising over 500 points led by gains in metal and banking stocks, ahead of the gross domestic product (GDP) data for the fourth quarter.
The 30-share BSE index rose 515 points or 1 per cent to close at 51,937; while the broader NSE Nifty settled 147 points or 0.95 per cent at fresh closing high of 15,583.
Top gainers in the sensex pack included Reliance, ICICI Bank, Bharti Airtel, ITC, Dr Reddy and Maruti with their shares rising as much as 3.13 per cent.
While M&M, Infosys, IndusInd Bank, L&T and Sun Pharma were the major losers falling up to 4.4 per cent.
On the NSE platform, sub-indices Nifty Metal, Bank and Financial Services gained as much as 2.1 per cent.
The National Statistics Organisation (NSO) will announce GDP data later in the day. According to economists, the country’s economic growth likely picked up in the January-March quarter from the previous three months.
However, they expressed pessimism about this quarter after a harsh second wave of Covid-19 hit the country last month.
Investors’ sentiment has improved in the recent days due to a steady decline in daily Covid-19 cases in India. Last week, the country reported its lowest daily rise of cases in more than a month.
“There are two conflicting pieces of news for the market now. The steadily declining Covid fresh cases continue to be positive. Progressive unlocking has started in many states paving the way for a pick up in economic activity.
“But the negative news is rising fresh cases in countries like China & Vietnam. This might impact sentiments for Asian markets in general,” V K Vijayakumar, chief investment strategist at Geojit Financial Services told news agency PTI.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 913.59 crore on Friday, as per provisional exchange data.
(With inputs from agencies)

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