Sensex Rallies 584 Points; Kotak Mahindra Bank & HDFC Bank Among Top Nifty Gainers

Indian share markets witnessed buying interest during closing hours and ended today's volatile session higher.

Investor sentiment turned positive amid global economic recovery prospects and the passage of a US$ 1.9 trillion stimulus bill.

US treasury secretary Janet Yellen had said on Monday that President Joe Biden's coronavirus aid package would provide enough good resources to fuel a 'very strong' US economic recovery.

Investor nerves also calmed a bit after the US labor department reported stronger than expected jobs data for February.

At the closing bell, the BSE Sensex stood higher by 584 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 142 points (up 1%).

Kotak Mahindra Bank and HDFC Bank were among the top gainers today. ONGC and Power Grid, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,150, up by 183 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.7% and 0.4%, respectively.

On the sectoral front, gains were largely seen in the banking sector, finance sector, and IT sector.

Metal stocks and oil & gas stocks, on the other hand, witnessed selling pressure.

Market participants were tracking shares of Mindtree and Thermax as they hit their respective 52-week highs today.

Market participants were also tracking Tata Steel's share price and Tata Steel PP share price.

While dismissing a petition for staying a move to recover income tax and interest of Rs 12.2 billion for the years 2009-10 to 2014-15, the Income Tax Appellate Tribunal was particularly not amused that Tata Steel rushed to it directly only when the IT department wanted to adjust a due refund of Rs 4.4 billion against the money it wanted to recover as past dues.

Asian share markets recovered from earlier losses, lifted by firmer US equity futures and central bank comments aimed at soothing fears about rising inflation. A pullback in US bond yields also buoyed equity markets.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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