Markets shrug off issues over surging Covid instances, rise 1%

Market benchmarks made a wholesome begin to the week on Monday as traders rushed to banking, consumption and vitality shares, regardless of the grim state of affairs on the Covid-19 entrance.
The 30-share BSE Sensex opened strongly and remained within the constructive territory all by way of the day, closing at 48,386.51 — up 508.06 factors or 1.06 per cent.
Similarly, the 50-share NSE Nifty jumped 143.65 factors, or 1 per cent, to complete at 14,485.
In the Sensex pack, Axis Bank was the highest performer, rallying 4.40 per cent. ICICI Bank spurted 3.63 per cent after the corporate reported a virtually four-fold leap in March quarter consolidated revenue over the weekend.
Meanwhile, HCL Tech, HDFC Bank, Maruti, Sun Pharma, TCS, NTPC and ITC had been the laggards, dropping as a lot as 2.87 per cent.
“Domestic equities shrugged off rising Covid-19 cases and rebounded mainly led by sharp recovery in financials,” mentioned
Binod Modi, head—technique at Reliance Securities.
Vinod Nair, head of analysis at Geojit Financial Services mentioned the market might stay unstable within the coming days as Covid instances proceed to be excessive, with April F&O expiry and the upcoming Federal Open Market Committee (FOMC) assembly within the US being essential occasions this week.
Meanwhile, the rupee gained 28 paise over the US greenback to shut at 74.73 on Monday, ending its four-session dropping run amid weak point within the dollar and constructive home equities.
A fall in crude oil costs and improved threat urge for food supported the native unit at the same time as worries over surging Covid-19 instances restricted the beneficial properties. In the 4 classes to Friday, the rupee had declined by 66 paise or 0.89 per cent on worries over a document surge in instances and lockdowns in varied states.