Indian equity markets advanced on Thursday tracking favourable global cues as positive results for experimental remdesivir drug towards Covid-19 treatment lifted sentiment. Besides, the government’s announcement to give considerable relief to many districts post May 4 boosted sentiment.
The S&P BSE Sensex jumped 1,016 points, or 3.1 per cent, at 33,730 and the Nifty50 index hovered around 9,850 levels. Auto stocks led the charge. Hero MotoCorp (up 7 per cent), Maruti Suzuki India (up 6%), and Mahindra & Mahindra (up 4%) were among the top Sensex gainers. Reliance Industries was also up 4 per cent ahead of the March quarter results today.
All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 5 per cent.
Analysts say Hindustan Unilever, like most consumer goods companies, would have taken a hit during the quarter under review due to Covid-19 lockdown, which has caused enormous logistical issues.