Benchmark BSE Sensex and Nifty rallied more than 1 per cent on Monday on heavy buying in financials, IT and oil stocks after a four-day losing run.
The 30-share BSE index rallied 721.13 points or 1.20 per cent to settle at 60,566.42 as 25 of its constituents ended in the green. During the day, it jumped 988.49 points or 1.65 per cent to 60,833.78.
The broader NSE Nifty advanced 207.80 points or 1.17 per cent to settle above the 18,000 level at 18,014.60. As many as 40 of Nifty stocks advanced while 10 declined.
Sensex lost 1,960 points or 3.29 per cent while Nifty tanked 613 points or 3.99 per cent in the four-day sell off to Friday.
From the Sensex pack, IndusInd Bank spurted the most by 3.99 per cent, followed by State Bank of India (3.97 per cent), Tata Steel (2.74 per cent), Bajaj Finserv (2.53 per cent), ITC (2.51 per cent), Axis Bank (2.44 per cent), HDFC Bank (1.91 per cent), UltraTech Cement (1.98 per cent), NTPC (1.87 per cent) and Tata Motors (1.73 per cent).
ICICI Bank rose by 1.5 per cent while Reliance Industries rose nearly 1 per cent, boosting the rally in the index.
On the other hand, Nestle fell the most by 1.24 per cent. Kotak Mahindra Bank, Bharti Airtel, HCL Technologies and Hindustan Unilever also declined.
”Indian riders witnessed a strong recovery after the sharp sell-off last week. In the absence of any major global events due to year-end holidays, we expect the market to remain sideways to positive based on news flows,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
”After a four-day selloff, the domestic market was refueled by bottom fishing and optimistic sentiment from global counterparts. PSBs led the rally, while mid- and small-cap stocks outpaced the benchmark. Contrary to the trend, global concerns over the recession and COVID spread continue to remain high, which will sustain volatility in the market,” said Vinod Nair, Head of Research at Geojit Financial Services.
In the broader market, the BSE smallcap gauge jumped 3.13 per cent and the midcap index climbed 2.31 per cent.
Among sectoral indices, utilities jumped 3.40 per cent, power climbed 3.18 per cent, realty (2.41 per cent), commodities (2.35 per cent), financial services (2.18 per cent), telecommunication (2.08 per cent) and bankex (2.04 per cent) ).
Healthcare was the only laggard.
Meanwhile, stock markets in Asia advanced in restricted trading after Christmas while markets in Europe, the US, and some Asian cities are closed for year-end holidays.
Tokyo’s Nikkei 225 index rose by 0.7 per cent, and the Kospi in Seoul advanced 0.2 per cent and the Shanghai Composite index rose by 0.7 per cent on Monday after the US markets ended in positive territory on Friday.
International oil benchmark Brent crude climbed 3.63 per cent to USD 83.92 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth a net of Rs 497.65 crore on Monday, according to exchange data.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
.