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Nifty posts 12th biggest single-day gain, shrugs off COVID-19 spike, bond yields

The entire BSE market capitalisation rose to Rs 2,04,77,472.33 crore today, from Rs 2,01,27,350.70 crore in the previous trading session.

March 31, 2021 / 10:45 AM IST

Bulls on March 30 continued their strong run for the second consecutive session after positive global cues amid US President Joe Biden's proposed $3 trillion infrastructure package, shrugging off rising COVID cases and bond yields. The benchmark Nifty50 gained 337.80 points, the 12th biggest single-day gain in absolute terms.

The index rose 2.33 percent to close at 14,845.10, the biggest level seen since March 16, 2021, while the BSE Sensex posted 1,128.08 points gains, the 14th biggest one-day rally, to end the session above the psychological 15,000-mark at 50,136.58.

Investor wealth increased by a whopping Rs 3.5 lakh crore in a day, as the entire BSE market capitalisation rose to Rs 2,04,77,472.33 crore, from Rs 2,01,27,350.70 crore in the previous trading session.

"Beating worries of increasing COVID cases and rising bond yields, the domestic market sparked a rally today as investors turned their focus to economic recovery supported by vaccination drives," Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

"Positive openings seen in Asian and European markets also helped in boosting optimism in the Indian market. Barring realty, all the sectorial indices joined the rally with IT and pharma contributing the most," he said.

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Also read - Taking Stock | Market posts biggest one-day gain in two months; investors richer by Rs 3.5 lakh crore

All sectoral indices closed in the green. Nifty IT, Metal, Pharma and FMCG marked the biggest gains among sectors, rising 2.9 percent, 2.79 percent, 2.72 percent and 2.25 percent, respectively.

The broader markets also participated in the run as the Nifty Midcap 100 index was up 1.7 percent and Smallcap 100 index gained 1.26 percent.
Moneycontrol News
first published: Mar 30, 2021 07:23 pm

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