Sensex and Nifty Close in Green with Minor Gains

Sensex surged 114.29 points to close at 30932.90. Nifty booked an increase of 39.70 points to close at 9106.25.

Recovery of crude oil prices and easing up of lockdown restrictions boosted investors’ sentiments. The investors will keenly observe the progress report of the Coronavirus vaccine and change in economic policies. The market finally settled booking gain of 0.4% after a good opening but losing momentum in the afternoon session.

Airline Stocks

After the announcement of resuming flight operations systematically after May 25, airline shares hiked by 10% in the opening session. Shares of Global Vectra Helicorp, Interglobe Aviation Ltd and Spicejet jumped by 19.98%, 7.34% and 4.90% respectively.

Most of the airlines were caught by surprise from the announcement. Many airlines had cancelled the tickets till June 1 expecting no flight operations in May. Airliners cited that it will be difficult to arrange for staff, safety equipment and resume operations amid COVID crisis.

Aviation ministry to put a cap on the minimum and maximum fare at INR 3500 and INR 10000 respectively for domestic flights. Also, seat allotment to adapt the bucket system.

Top Gainers: Sensex and Nifty

Other than airline stocks top gainer was ITC with 7.08% hike in share prices. Also, Hindalco, Asian Paints and Maruti surged by 5.79%, 5.16% and 3.06% respectively. Other gainers were Bajaj Auto, Eicher Motors, Sun Pharma and Wipro gaining more than 2% from today’s session.

Auto and FMCG stocks gained more than 2.3% following strong US market gains. All sectors saw good buying and ended in green except the Bank sector.

Losers: Sensex and Nifty

Bajaj Finserv hit the worst today dipping 3.60%. Followed by Bajaj Finance, IndusInd Bank and Adani Ports dropping 2.90%, 2.74% and 2.04% respectively. Other losers were HDFC, Dr. Reddy, L&T and Axis Bank dropping more than 1% in today’s session.

Nifty Bank underperformed pulling the market down to close with a gain of 0.4%.


Foreign Institutional Investors bought stocks of around INR 6102.7 crores and sold-off stocks of value INR 6361.43 crores. Yesterday investors took out shares valued INR 1466.52 crores from the Indian market. Therefore, compared to that, investors are expecting an opportunity in the Indian market. The performance of the financial market is improving with high hopes of stability in the near future.

Domestic Institutional Investors invested an extra amount of 401.78 crores in today’s session. Shares of value 3602.92 crores were bought and stocks of value 3201.14 crores were sold during the day.

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