Sensex ends 290 points higher, Nifty well above 10700

Mumbai, May 7: Huge gains in financials, metals, auto as well as energy names ensured that the market had a good start to the week, with the Nifty reclaiming 10,700 during the day’s trade. The Sensex ended almost 300 points higher.
The market began the day on a positive note, with the Sensex opening around 100 points higher, while the Nifty managed to trade around 10,650-mark. While it held on to these levels for the larger part of the day, afternoon session witnessed further buying among banks, auto as well as metal names. These pushed up indices further, with the Sensex crossing 35,000-mark as well.
Among broader markets, midcaps traded strong as well, but mildly underperformed the benchmarks, gaining around 0.70 percent. In case of sectors, financials were the top gainers after bond yields fell during the course of the day. The Reserve Bank of India (RBI) announced a surprise buyback of bonds worth Rs 10,000 crore, which was cheered by NBFC stocks as well as PSU banks.
Meanwhile, pharmaceutical names were the worst-performing. These were dragged on the back of losses in Lupin as well as Dr Reddy’s Laboratories. Wockhardt too took a hit after it reported disappointing set of results.
The Sensex is up 292.76 points or 0.84% at 35208.14, while the Nifty is up 97.20 points or 0.92% at 10715.50. The market breadth was positive as 1419 shares advanced, against a decline of 1265 shares, while 167 shares are unchanged.
M&M, ICICI Bank, and GAIL were the top gainers, while Coal India, Dr Reddy’s and Lupin were the top losers.
In case of stocks, ICICI Bank ended around 3 percent higher ahead of its March quarter results.