Sensex rises 2.3% on global rally, macro data picks up

Continuing its winning run for the third consecutive season, the BSE Sensex rose nearly 1,148 points to break the 51,000 level and the NSE Nifty captured the 15,200 mark driven by intensive buying in financial and energy stocks on Wednesday.

The 30-share Sensex rose 1,147.76 points, or 2.28%, to 51,444.65 – the largest single-day rise since February. Similarly, the NSE Nifty climbed 326.50 points or 2.19% to close at 15,245.60 points. Its 43 components are closed in green.

The Sensex has gained 2,344.66 points or 4.77% in the last three sessions.

The Sensex rally was conducted by Bajaj Finserv, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank.

Bajaj Finserv gained the most by 5.15%.

Reliance Jio gained 4.52% the day after Reliance Jio took 488.35 MHz spectrum in bands like 800 MHz, 1800 MHz and 2300 MHz for 5 57,122.65 crore.

Bharti, which bid 99.18,699 crore to take 355.45 MHz, rose 0.92%.

Vinod Nair, head of research at Geojit Financial Services, said, “Markets around the world were full of optimism, with a focus on high valuations ranging from strong economic recovery and earnings growth.” He said, “The Indian market was moving towards an echo of global sentiment.”

Meanwhile, a monthly survey revealed that India’s services activity expanded at the fastest rate in a year during February amid better demand and more favorable market conditions.