Sensex surges 511 points to close at 37,930; Nifty ends above 11,150

(Representative image)

NEW DELHI: Markets continued to rise for the fifth straight session on Tuesday with the benchmark BSE sensex closing over 500 points higher led by gains in banking stocks amid positive cues from global markets.
The 30-share BSE index finished 511 points or 1.37 per cent higher at 37,930; while the broader NSE Nifty surged 140 points or 1.27 per cent to close at 11,162.
Top gainers in the sensex pack included PowerGrid, HDFC, ICICI Bank, Maruti, Kotak Bank, Reliance and Axis Bank with their shares rising as much as 6.39 per cent.
While Bajaj Finance, Bajaj FinServ, Asian Paints, Bharti Airtel and Sun Pharma were the top losers falling up to 3.96 per cent.
On the NSE platform, sub-indices Nifty PSU Bank, Financial Services and Bank gained as much as 2.09 per cent.
According to traders, domestic market participants tracked global stocks rally as hopes of a COVID-19 vaccine increased their risk appetite.
A coronavirus vaccine developed by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of “promising” human trials against the deadly disease. The All India Institute of Medical Sciences (AIIMS) in Delhi has also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin.
“Markets have been positively surprised by earnings from some of the index movers this quarter, and it also doesn’t look like we are going to see any major setback in global markets which have continuously supported domestic sentiment,” Ajit Mishra, vice president, research at Religare Broking Ltd told news agency Reuters.
“However… the upside may be capped now and we may see some consolidation and profit taking,” he added.
On the currency front, the rupee appreciated 17 paise to close at 74.74 (provisional) against the US dollar tracking positive domestic equities.
Meanwhile, foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth Rs 1,709.97 crore, provisional exchange data showed.
(With agency inputs)

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