The bulls continued their upward march on Monday, buoyed by the phased re-opening of the economy post an over two-month lockdown to contain the spread of Covid-19 pandemic. Buying was witnessed across-the-board with PSU bank stocks leading the pack.
The S&P BSE Sensex rallied 879 points or 2.71 per cent to 33,303.52 levels, with 25 of 30 constituents advancing and 5 declining. Bajaj Finance (up over 10 per cent) emerged as the top gainer on the index while Sun Pharma (down 2 per cent) was the biggest loser.
On the NSE, Nifty settled at 9,826, up 246 points or 2.57 per cent. Volatility index, India VIX, gained over 1 per cent to 30.56 levels.
Sectorally, Nifty PSU Bank index climbed 86 points or 7.6 per cent to 1,215.40 levels while Nifty Bank rallied nearly 3.5 per cent to 19,960 points.
As many as 24 securities, including Adani Green Energy, Bayer Cropscience, Divi’s Lab, and Cipla hit their fresh 52-week highs on the NSE. On the other hand, 15 securities hit 52-week low.
In the broader market, the S&P BSE SmallCap index gained over 3 per cent to 11,223 while the S&P BSE MidCap index surged 2.65 points to 12,157 levels.
Among individual stocks, Biocon hit a record high of Rs 389.85 on the BSE during the day after after its partner Mylan received a favourable ruling from US Patent and Trademark Appeal Board (PTAB) on Sanofi’s four device patents for Lantus SoloSTAR. The stock surpassed its previous high of Rs 368 touched on April 20, 2020. The stock ended at Rs 385.65, up nearly 9 per cent.
Shares of consumer durable companies gained during the session. Voltas ended nearly 12.5 per cent higher at Rs 539.75 on the BSE after it reported encouraging numbers for March quarter. Global brokerage firm Credit Suisse has maintained an ‘outperform’ rating on the stock with the target price of Rs 650.
Shares of IDBI Bank hit 20 per cent upper circuit at Rs 24.35 apiece on the BSE after the bank reported profit in the March quarter of FY20 (Q4FY20) after reporting losses for 13 straight quarters.