Sensex, Nifty Gain For Fourth Day In A Row Led By Metal, Pharma Shares

All the 11 sector gauged compiled by the National Stock Exchange ended higher led by the Nifty Metal index's 3.2 per cent gain.

The Indian equity benchmarks rose for fourth session in a row on Monday paced by gains in metal, pharma, auto and PSU banking shares. The Sensex rose as much as 411 points to hit an intraday high of 49,617.47 and Nifty 50 index briefly moved above its important psychological level of 14,950. Boosted by liquidity support measures from global central banks, the stock market has looked past a rapid rise in domestic coronavirus cases and calls to impose a nationwide lockdown. The Sensex ended 296 points or 0.6 per cent to close at 49,502 and Nifty 50 index advanced 119 points or 0.8 per cent to close at 14,942. Several states have already entered lockdowns to curb the spread, which has led economists to cut growth expectations for Asia's third-largest economy. Buying was visible across the board as all the 11 sector gauged compiled by the National Stock Exchange ended higher led by the Nifty Metal index's 3.2 per cent gain. Metal shares gained as iron ore futures surged and copper prices hit a record high amid an outlook for tight supply and strong demand fuelled by a global economic recovery.