The domestic equity benchmarks staged a strong rally on Thursday on the back of a broad-based buying interest led by gains in banking, financial services, telecom and private banking shares. Investor sentiment was boosted as the government’s move to allow opening of multiplexes incited hopes of a faster economic recovery, analysts said. The Sensex rose as much as 671 points and Nifty 50 index touched an intraday high of 11,428.60.
The Sensex ended 629 points or 1.66 per cent higher at 38,697.05 and Nifty 50 index climbed 1.51 per cent or 169 points to close at 11,417.
All the 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Private Bank index’s over 4 per cent gain. Nifty Bank, Financial Services, Media, PSU Bank and Realty indexes also rose between 1-3.7 per cent each.
Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index rose 0.84 per cent and Nifty Smallcap 100 index rose 0.66 per cent.
Shares of multiplex operators – PVR and Inox Leisure rallied in trade on Thursday after the government allowed cinema halls top operate with 50 per cent seating capacity under ‘Unlock 5’ rules released by the Home Ministry.
IndusInd Bank was top Nifty gainer, the stock rose 12 per cent to close at Rs 593. Bajaj Finance, Axis Bank, Bajaj Auto, ICICI Bank, Tech Mahindra, Adani Ports, Bajaj Finserv, Kotak Mahindra Bank and Asian Paints also rose between 3-5 per cent each.
On the flipside, Dr Reddy’s Labs, ONGC, ITC, NTPC, Hindalco, Titan, Reliance Industries, BPCL and Eicher Motors were among the losers.
The overall market breadth was positive as 1,541 shares ended higher while 1,128 closed lower on the BSE.