Sensex, Nifty Log Second Best Day In 16 Months Aided By Metals

• Rupee fell to a record low 77.80 during the session.

• The Indian currency trimmed losses to close at 77.56 (all-time closing low) against the dollar.

Source: Bloomberg

• Yield on the 10-year bond added 5bps to 7.37%.

• The 10-year bond yield rose 6bps to 7.38% during the session.

Source Bloomberg

India's stock benchmarks logged best day in over two months, aided by gains in metal, energy and oil and gas stocks. This is also the second best day for the Sensex and Nifty in over fifteen months as well as 2022.

The NSE Nifty Metal index surged nearly 7% to log best day in over two years.

The Sensex added 1,345 points (over 2.5%) to 54,318.47. The Nifty also advanced by similar magnitude to 16,259.30. The move was the biggest since rising 3% on Feb. 15, and is the best day in 16 months. Reliance Industries contributed most to index gain, rising 4.2% while Hindalco added nearly 10%

The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal gaining 7.62%.

The market breadth was skewed in the favour of bulls. About 2,627 stocks advanced, 715 declined and 120 remained unchanged.

Shares of ITC rose nearly 4.5%, the most in over five weeks. The company is scheduled to report the earnings for the quarter-ended March on Wednesday.

• The rise comes amid disruption in global wheat industry after India restricted exports, resulting in surge in wheat prices to near record levels.

• Trade ministry has announced some relaxation of its order restricting wheat exports to ensure that traders meet prior commitments.

• Wheat export consignments handed over to customs for examination and registered in their system on or before May 13, will be cleared for exports.

• Shares of other stocks linked to wheat industry such as Britannia, Kovilpatti Lakshmi Flour Mills and Adani Wilmar also logged gains.

Source: Bloomberg