Sensex rallies 288 points, pharma and banking stocks gain


Equity benchmark indices closed with an upward bounce on Tuesday as a sharp rally was witnessed in select mid-cap stocks for the second consecutive trading session. Banking and pharma indices contributed the most to market gains amid positive global cues.

The BSE S&P Sensex closed 288 points or 0.74 per cent higher at 39,044 while the Nifty 50 gained by 82 points or 0.71 per cent at 11,522.

Sectoral indices at the National Stock Exchange were mixed with Nifty pharma gaining by 1.9 per cent, private bank by 1.8 per cent and financial service by 1.3 per cent.

Among stocks, IndusInd Bank surged ahead by 4.6 per cent to close at Rs 637.85 per share. Axis Bank gained by 2.3 per cent, ICICI Bank by 2.2 per cent and Kotak Mahindra Bank by 1.7 per cent.

Pharma major Cipla advanced by 2.8 per cent to Rs 742.35 per share while Sun Pharma moved up by 2.1 per cent and Dr Reddy’s by 1.7 per cent.

The others which gained were Bajaj Finance, UPL and Bharti Airtel. However, those which lost were Titan, Maruti Suzuki, Eicher Motors, Bajaj Auto and ITC.

Meanwhile, Asian equities extended gains with investor sentiment supported by Chinese data and optimism about Covid-19 vaccines.

The Shanghai composite added 0.51 per cent after China’s industrial output rose by 5.6 per cent in August from a year ago.

Japan’s Nikkei shed 0.44 per cent while South Korean shares rose by 0.65 per cent and Hong Kong’s by 0.38 per cent.

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