Sensex jumps 296 points, pharma stocks surge

Mumbai: Equity benchmark indices were range-bound on Monday but closed in the green on the back of RBI’s liquidity measures and indications of robust corporate earnings.

At the closing bell, the BSE S&P Sensex was up by 296 points or 0.6 per cent at 49,502 while the Nifty 50 ticked higher by 119 points or 0.8 per cent to 14,942.

All sectoral indices at the National Stock Exchange were in the green with Nifty metal up by 3 per cent, pharma by 2.8 per cent and auto by 1.5 per cent.

Among stocks, Coal India moved up by 8 per cent to Rs 148.10 per share. Pharma majors Dr Reddy’s and Sun Pharma were up by 3 per cent and 2.7 per cent respectively.

Hindalco advanced by 6.2 per cent to close at Rs 4265 per share while Tata Steel closed 3 per cent higher at Rs 1,218.50. Tata Motors, UPL, IndiaOil Corporation and Larsen & Toubro also were in the positive terrain.

However, those which lost were Britannia, UltraTech Cement, Infosys, Hero MotoCorp, Adani Ports and Reliance Industries.

Meanwhile, Asian stocks rose amid speculation that interest rates will remain low due to receding inflationary pressure.

Japan’s Nikkei gained 0.55 per cent as the focus shifted to corporate earnings while and South Korea’s Kospi was up by 1.63 per cent.

Hong Kong’s Hang Seng ended lower by 0.05 per cent weighed down by technology sector.

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