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Bank stocks drive Sensex 175 points higher; Nifty tops 9,100

In the 30-share pack Sensex, Bajaj Auto was the biggest gainer, up 3.40 per cent.

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Last Updated: May 21, 2020, 10.21 AM IST
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Broader market indices traded on a positive note as Nifty Smallcap gained 0.38 per cent while Nifty Midcap advanced 0.51 per cent.
NEW DELHI: Domestic equity indices opened higher for the third straight session on Thursday, led by gains in banking and auto stocks, as hopes of a swift recovery in economic conditions after ease in restrictions boosted morale on the Street. However, a rapid rise in Covid-19 patient count capped gains on Thursday.

India has recorded over 1.12 lakh cases of Covid by now with more than 3,430 deaths. The country is continuously seeing an increased number of daily additions in the patient count.

At 9.50 am, BSE flagship Sensex was up 175 points or 0.57 per cent to 30,994 while NSE benchmark Nifty added 50 points or 0.62 per cent to 9,117. B

In the 30-share pack Sensex, Bajaj Auto was the biggest gainer, up 3.40 per cent at Rs 2,645 as the company reported flat growth in profits beating Street estimates. HDFC Bank, Kotak Mahindra Bank, Asian Paints and Nestle India jumped over a per cent each.

Mahindra and Mahindra, NTPC, ITC, ONGC and Axis Bank were among top bluechip losers diving up to 1.5 per cent in the opening few ticks.

Shares of airline companies soared as they prepared to resume operations. SpiceJet rallied 4.88 per cent to Rs 42.95 while its rival Interglobe Aviation spiked 7.30 per cent to Rs 978.50.

All sectoral indices on NSE traded with gains. Nifty Auto was the biggest gainer, up 1 per cent, followed by Nifty Financial Services and Nifty Bank that gained up to 0.8 per cent.

Broader market indices too traded on a positive note as Nifty Smallcap gained 0.38 per cent while Nifty Midcap advanced 0.51 per cent. Nifty 500 was up 0.13 per cent.

Globally, Asian shares stepped back slightly and US stock futures fell as lingering caution about the long-term impact of the coronavirus outbreak offset some of this week's enthusiasm over re-opening of economies.

MSCI's broadest index of Asia-Pacific shares outside Japan was up just 0.04 per cent, having rallied around 3 per cent so far this week. S&P 500 e-mini stock futures fell 0.66 per cent. Australian shares, which have been hampered by concerns about a trade row with China, pulled back slightly from a two-month high.

Japan's Nikkei stock index slid 0.05 per cent after data showed the country's exports collapsed in April. Shares in China fluctuated between gains and losses before the start of the annual parliament meeting on Friday.
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