Fed, Covid-19 drug hopes lift indices; monthly gains at 11-year high

The benchmark indices soared on Thursday, on hopes of a breakthrough in finding a possible drug for Covid-19 treatment, as well as the US Federal Reserve’s assurances to continue with stimulus measures to revive the economy.

Stocks opened gap-up after a sharp rally on the Wall Street overnight, and managed to hold on to most gains despite banking stocks, the index heavyweights, underperforming.

The Sensex closed at 33,718, up 997 points or 3.05 per cent, while the Nifty rallied 306 points or 3.2 per cent to end at 9,860. The Bank Nifty Index gained 2.1 per cent.

Most Asian indices logged gains but