Over 3% gain each in Sensex, Nifty end at 7-week high; the factors which pumped markets higher

As the market traded up for the fourth day in a row, major indices closed with over 3 per cent gains on Thursday, the last day of the futures & options (F&O) contracts of the April series, led by robust buying in autos, metals and technology stocks.

The market rally was supported by positive trials undergoing of experimental drug for coronavirus treatment. BSE Sensex soared 1,000 points or 3.05 per cent with the session ending at 33,717, while the broader Nifty 50 index advanced 306 points or 3.21 per cent to 9,860. The top gainers on the BSE Sensex were  ONGC, HCL Tech, Hero MotoCorp and TCS. While Sun Pharma, HUL and IndusInd Bank were among the laggards on the index.

“Financials and IT contributed most to the gains in the benchmark indices along with Reliance, ahead of its results,”

Vinod Nair, Head of Research at Geojit Financial Services, stated

RIL among top index contributors Ahead of March quarter earnings, Reliance Industries remained among the top index contributors in today’s trade.

“Being F&O expiry day today, short-covering and roll-overs in the market also contributed to the gains,”

Nair added.