Gains in IT, energy and metal stocks were offset by losses in select financial shares
Domestic share markets eked out gains on Monday amid volatile trade on Monday, tracking gains across Asian equities. The S&P BSE Sensex index rose as much as 0.64 per cent – or 242.04 points – during the session to touch 38,119.38 following a positive start, and the broader NSE Nifty 50 benchmark climbed to as high as 11,248.90, up 0.63 per cent – or 70.5 points – from its previous close. Gains in IT, energy and metal stocks were offset by losses in select banking and financial services shares.
At 1:29 pm, the Sensex traded 65.85 points – or 0.17 per cent – higher at 37,943.19 while the Nifty was up 21.35 points – or 0.19 per cent – at 11,199.75.
Prime Minister Narendra Modi’s assurance on mass production of COVID-19 vaccines and more infrastructure spending by the government boosted sentiment.
“Along with mass production, the roadmap for distribution of vaccine to every single Indian in the least possible time is also ready,” PM Modi said in his Independence Day speech on Saturday.
He reiterated plans to improve the country’s infrastructure by spending more than Rs 110 lakh crore on around 7,000 projects.
However, Monday’s session was marked with volatility, with both benchmark indices having given up all of their intraday gains briefly in morning deals.
The NSE’s India VIX index – which measures the expectation of volatility in the near term – jumped as much as 5.58 per cent during the session.
Meanwhile, the number of deaths in the country due to COVID-19 crossed 50,000, as of Monday, and total coronavirus cases stood nearly at 2.65 million.
European shares started Monday’s session on a lacklustre note, with the United Kingdom’s FTSE benchmark last seen trading 0.16 per cent higher in early trade.
While France’s CAC index was up 0.05 per cent at the time, Germany’s DAX benchmark was flat.
