Sensex zooms 790 pts; banks rally: Investors look beyond Covid cases' surge

In effect, the BSE barometer of 30-shares zoomed 790 points to end the day at 49,734 levels. In the intra-day deals, the index had vaulted 857 points to hit a high of 49,801. On the NSE, the broader Nifty50 index reclaimed the 14,800-mark for the first time since April 9 and closed at 14,864, up 211 points. It hit a high of 14,890 earlier today.

Bajaj Finance, up 8 per cent, was the top Nifty gainer today after the consumer durable financier, on Tuesday, reported a 42 per cent jump in consolidated net profit at Rs 1,347 crore for the fourth quarter of the fiscal ended March 2021. Brokerages remain mixed on the stock as expensive valuations, analysts say, may overweigh possible strong growth in AUM going-forward.

That apart, Eicher Motors, IndusInd Bank, Bajaj Finserv, ICICI Bank, Kotak Mahindra Bank, SBI, and Bajaj Auto were the other outperforming stocks on the 50-share index.

On the downside, Britannia Industries, Hindalco Industries, HDFC Life, Nestle India, HCL Tech, and Tata Steel were the top laggards in a firm market. The stocks ended lower between 0.5 per cent and 2 per cent.

Broader markets, however, witnessed relatively leaner trade today. The S&P BSE MidCap index ended 0.99 per cent up while the S&P BSE SmallCap index added 0.7 per cent.

Among key sectoral indices, the Nifty Realty index dropped 0.6 per cent amid fears that the second wave of Covid-19 may hit housing demand. That apart, the Nifty Metal and Pharma indices slipped 0.3 per cent each.

On the contrary, the Nifty Bank index soared 3 per cent on the NSE today and ended at 33,723. The Nifty Private Bank, PSU Bank, and Financial Services indices too climbed over 2.5 per cent each.