Index posts biggest single-day gain in a month on back of financial, energy stocks
Continuing their winning run for the third session in a row, the BSE Sensex surged almost 1,148 points to breach the 51,000-level and the NSE Nifty recaptured the 15,200-mark on Wednesday, powered by intense buying in financial and energy stocks.
At the close, the 30-share Sensex was up 1,147.76 points, or 2.28%, at 51,444.65 — the biggest single-day rise since February 2. Likewise, the NSE Nifty climbed 326.50 points, or 2.19%, to end at 15,245.60, with 43 of its constituents closing in the green.
Over the last three sessions, the Sensex has risen by 2,344.66 points, or 4.77%.
The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank.
Bajaj Finserv rose the most by 5.15%.
Reliance rose by 4.52% a day after Reliance Jio picked up 488.35 MHz of spectrum in bands such as 800 MHz, 1800 MHz and 2300 MHz for ₹57,122.65 crore.
Bharti, which bid about ₹18,699 crore to pick up 355.45 Megahertz, rose by 0.92 %.
“Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth,” said Vinod Nair, Head of Research at Geojit Financial Services. “The Indian market was on a rising streak echoing the global sentiment,” he added.
Meanwhile, a monthly survey showed India’s services activity expanded at the fastest rate in a year during February amid improved demand and more favourable market conditions.