NEW DELHI: Equity indices extended gains for the fourth straight session on Thursday with the benchmark BSE sensex jumping over 950 points, led by gains in metal, auto and IT sharesas positive cues from global markets enthused domestic investors.
The 30-share BSE index closed 997 points or 3.05 per cent higher at 33,718; while the broader NSE Nifty surged 307 points or 3.21 per cent to close at 9,860.
Sun Pharma, Hindustan Unilever, IndusInd Bank and Asian Paints were the only losers falling up to 2.72 per cent.
On NSE, sub-indices Nifty Metal, Auto and IT gained as much as 7.9 per cent.
Short covering due to expiry of April series F&O contracts added to the momentum, traders said.
Investor sentiment was buoyed by news of a possible breakthrough in testing for a treatment of COVID-19.
Further, rising buzz of another stimulus package by the government, focussed on industries, kept investor sentiment positive, traders added.
Top US epidemiologist Anthony Fauci said that Gilead Science's remdesivir "has a clear-cut, significant, positive effect in diminishing the time to recovery".
“We are seeing hope trading on the positive news about Gilead’s drug and expectations that the lockdown will ease soon. It will be difficult to sustain the rally unless the economy actually opens up,” Samrat Dasgupta, CEO at Esquire Capital Investment Advisors told news agency Rueters.
“This may also be an expiry trade, because there were a lot of shorts in this expiry, and they are getting covered in the last couple of days,” he added.
Glenmark Pharmaceuticals also became the first company in India to receive approval from Drug Controller General of India (DCGI) to conduct trials of Favipiravir antiviral tablets for the treatment of Covid-19 patients.
Meanwhile, the Indian rupee surged 57 paise to close at 75.09 (provisional) against the US dollar, amid higher domestic equity markets and a weak American currency
The 30-share BSE index closed 997 points or 3.05 per cent higher at 33,718; while the broader NSE Nifty surged 307 points or 3.21 per cent to close at 9,860.
Top gainers in the sensex pack included ONGC, HCL Tech, Hero MotoCorp, NTPC, TCS, Infosys, M&M and Maruti with their shares rising as much as 13.40 per cent. 26 out of 30 stocks finished in green.
Sun Pharma, Hindustan Unilever, IndusInd Bank and Asian Paints were the only losers falling up to 2.72 per cent.
On NSE, sub-indices Nifty Metal, Auto and IT gained as much as 7.9 per cent.
Short covering due to expiry of April series F&O contracts added to the momentum, traders said.
Investor sentiment was buoyed by news of a possible breakthrough in testing for a treatment of COVID-19.
Further, rising buzz of another stimulus package by the government, focussed on industries, kept investor sentiment positive, traders added.
Top US epidemiologist Anthony Fauci said that Gilead Science's remdesivir "has a clear-cut, significant, positive effect in diminishing the time to recovery".
“We are seeing hope trading on the positive news about Gilead’s drug and expectations that the lockdown will ease soon. It will be difficult to sustain the rally unless the economy actually opens up,” Samrat Dasgupta, CEO at Esquire Capital Investment Advisors told news agency Rueters.
“This may also be an expiry trade, because there were a lot of shorts in this expiry, and they are getting covered in the last couple of days,” he added.
Glenmark Pharmaceuticals also became the first company in India to receive approval from Drug Controller General of India (DCGI) to conduct trials of Favipiravir antiviral tablets for the treatment of Covid-19 patients.
Meanwhile, the Indian rupee surged 57 paise to close at 75.09 (provisional) against the US dollar, amid higher domestic equity markets and a weak American currency
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