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Closing Bell: Nifty, Sensex surge 2.5% as easing curbs boost sentiment

Closing Bell: Nifty, Sensex surge 2.5% as easing curbs boost sentiment

Closing Bell: Nifty, Sensex surge 2.5% as easing curbs boost sentiment
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By CNBCTV18.com Jun 1, 2020 3:55:27 PM IST (Updated)

The Sensex ended 879 points higher at 33,303, while the Nifty50 index rose 246 points to settle at 9,826.

Indian shares rose 2.5 percent on Monday led by financial stocks, as the country geared up to further open its economy after a months-long lockdown to curb the spread of the novel coronavirus.

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The Sensex ended 879 points higher at 33,303, while the Nifty50 index rose 246 points to settle at 9,826. Gains were led by financial stocks like Bajaj Finance, HDFC twins, and SBI.
The government permitted restaurants, malls and religious buildings to reopen from June 8 but extended lockdowns in high-risk zones until June 30 as a record-high number of cases were detected nationwide on Saturday.
The reopening plan comes as data on Friday showed the domestic economy grew at 3.1 percent in the January-March quarter, its slowest pace in at least eight years.
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 2.1 percent as progress on opening up economies helped offset jitters over riots in US cities.
Back home, Bajaj Finance, Bajaj Finserv, Titan, Tata Steel, and M&M were the top gainers on the Nifty50 index, while Dr Reddy's, Bharti Infratel, Ultratech Cement, Sun Pharma, and Nestle led the losses.
All sectors were in the green for the day. Nifty PSU Bank index surged the most, up 7.5 percent, while Nifty Metal added 3.6 percent. Nifty Bank and Nifty Fin Services were also up over 3 percent each and Nifty Auto rose also 3 percent. Meanwhile, Nifty IT and Nifty FMCG were up 2 percent and 1 percent, respectively.
IDBI Bank Ltd jumped 20 percent after reporting its first profit in more than three years.
Shares of Voltas surged over 12 percent after the consumer durables major company’s fourth-quarter earnings beat analysts’ estimates with profit and margin led higher by Unitary Cooling Products Segment.
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