Equities rise on lower Covid numbers, banking stocks shine

Mumbai, May 17 (SocialNews.XYZ) India's key stock markets maintained their solid gains during the late-afternoon trade session on Monday on the back of healthy buying witnessed banking and financial sector.

Both the key indices kick-started the week on a positive note with a gap up opening.

Among sectors, banking, financial services and auto space witnessed healthy buying, where as marginal losses were seen in pharma, metal and media indices.

At around 3 p.m., the S&P BSE Sensex traded at 49,570.05, higher by 837.5 points or 1.72 per cent from its previous close.

Similarly, the Nifty50 of the National Stock Exchange traded at 14,916.15, up 238.35 points, or 1.62 per cent, from its previous close.

"Currently, Nifty is moving within the territory of a falling channel from last few weeks and is in verge of giving breakout from the same," said Jay Purohit, Technical and Derivatives Analyst, MOFSL.

"A move above 14,970 will lead to a breakout and then we can see a buying momentum towards the 15,300 zone. At current juncture, support for Nifty is inching higher at 14,725 and then the 14,600 zone."

According to Gaurav Garg, Head of Research at CapitalVia: "India's equity benchmarks extended their gains made in the morning session, with frontline gauges surpassing their critical levels."

"Sentiments' got a boost as the number of corona virus cases are on the decline in the country. The US market ended higher even after the concerns over the inflation rate. Asian markets were mostly trading in green, following the recovery in the global market."

Source: IANS