Sensex surges 522 points, Nifty reclaims 9,900 mark as bank stocks shine

Equity benchmark Sensex had another good run on Tuesday as the index rallied 522 points following renewed investors confidence amid the opening of the economy in the country. 

Banking stocks led the rally as the 30-share index hit a high of 33,866.63 during the day before settling 522.01 points or 1.57% higher at 33,825.53.

Similarly, NSE Nifty surged 152.95 points or 1.56% to 9,979.10.

Bajaj Finance was the top gainer in the Sensex pack, soaring over 8.64%, followed by Kotak Bank (7.52%), IndusInd Bank (6.05%), HDFC (4.43%), PowerGrid (3.81%, Axis Bank (3.29%), ICICI Bank (2.80%) and L&T (1.86%).

Maruti, ITC, NTPC and Nestle India, Hero Moto Corp and Bharti Airtel were among the laggards.

In the Nifty pack, Bajaj Finserve was the top gainer with 9.51%, followed by Zee Entertainment (9.06%) and Bajaj Finance (8.15%). Kotak Bank, Tata Motors, IndusInd Bank, Gail, HDFC and Axis Bank were other top gainers. 

On the other hand, Coal India, Maruti, BPCL, ITC, Dr Reddy's and NTPC were top laggards. 

Market analysts belive that gradual easing of the lockdown boosted investor sentiment and Prime Minister Narendra Modi's address to the annual session of CII also boosted confidence. 

“Today's rally was based on domestic news flows especially, after Prime Minister Narendra Modi while addressing the annual session of CII gave confidence to Corporates that completely changed the picture of the market. Bajaj twins, HDFC twins and a few other private banks closed higher. Technically, Nifty is at the resistance level and support exists within the range of 9800 and 9600 levels," Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said.