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Sensex climbs 490 points on improvement in Trump’s health, firm global cues

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NEW DELHI: Improving health of US President Donald Trump had a calming effect on the markets as benchmark indices rose for the third consecutive day on Monday. Gains in Asian markets also helped the sentiments back home.

Trump, 74, was flown to hospital for treatment for the coronavirus on Friday, but his doctors say he has responded well and could return to the White House on Monday.

At 9.42 am, BSE flagship Sensex was up 487 points or 1.26 per cent at 39,184 while NSE benchmark Nifty advanced 130 points or 1.14 per cent to 11,547. IT and banks stocks were in great demand while media stocks were under selling pressure.

In the 30-share pack Sensex, IndusInd Bank was the biggest gainer, up 6.42 per cent at Rs 630.10. It was followed by Tata Steel, TCS, ICICI Bank, Infosys and HCL Tech that gained in the range of 2-5 per cent.

Bharti Airtel was the biggest loser in the pack, down 1.14 per cent at Rs 427.40. Asian Paints, ONGC, UltraTech Cement, M&M and Bajaj Auto were among other losers in the pack that fell in the range of 0-1 per cent.

Broader market indices also gained but were lagging than their headline peers as Nifty Smallcap added 0.45 per cent while Nifty Midcap climbed 0.30 per cent. Broadest index on NSE, Nifty 500 was up 0.90 per cent.

Nifty IT was the biggest sectoral gainer on NSE, adding 2.71 per cent. It was followed by Nifty Private Bank that gained 2.47 per cent and Nifty Bank that advanced 2.2 per cent. Nifty Media was the biggest loser, down 0.28 per cent.

Globally, stock markets rose on hopes that President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook global bourses in the previous session.

That helped U.S. S&P 500 e-mini futures rise 0.82 per cent in Asian trading, while Nasdaq futures gained 1.11 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.63 per cent. Australian stocks jumped 2.37 per cent for the biggest daily gain in almost two weeks. Japan’s Nikkei rose 1.39 per cent. China’s financial markets are closed for a public holiday.

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