Equity benchmarks marched higher for the second day on Thursday, helped by IT and banking stocks, as hopes of another stimulus package from the Government bolstered investor sentiment amid the coronavirus overhang.
The 30-share BSE Sensex surged 483.53 points or 1.54 per cent to close at 31,863.08, a six-week high. The broader NSE Nifty advanced 126.60 points, or 1.38 per cent, to settle at 9,313.90.
Kotak Bank was the top gainer in the Sensex pack, rallying 8.59 per cent, followed by TCS (5.97 per cent), Infosys (5.67 per cent), ICICI Bank (4.97 per cent), HCL Tech (3.61 per cent) and ONGC (2.98 per cent).
On the other hand, Titan, HUL, PowerGrid, NTPC and L&T were among the top laggards, shedding up to 4.18 per cent. A sharp recovery in the rupee also lifted the market mood, traders said. The rupee soared by 62 paise to settle at 76.06 (provisional) against the US dollar.
“Indian benchmark indices traded positive, boosted by financials and IT. Hopes of another stimulus package are giving some support to the markets.
“The rising cases of infections are a worry and markets are hoping that it will peak soon. The sustainability of this rally will depend on government measures to boost the economy and support the industries, once we emerge out of the lockdown,” said Vinod Nair, Head of Research at Geojit Financial Services.