Benchmark BSE Sensex on Monday rebounded by nearly 555 points on value buying in IT, auto and banking shares after three straight days of losses and strong macro data.
Illustration: Dominic Xavier/Rediff
The 30-share Sensex jumped 554.84 points or 0.70 per cent to settle at 80,364.49 with 23 of its constituents ending higher and seven lower.
The index opened with gains and later surged 597.19 points or 0.74 per cent to hit a high of 80,406.84.
The 50-share NSE Nifty spurted by 198.20 points or 0.81 per cent to close at 24,625.05.
Among Sensex firms, Mahindra & Mahindra, Tata Motors, Trent, Eternal, Asian Paints and Infosys were the major gainers.
However, Sun Pharma, ITC, Hindustan Unilever and Titan were among the laggards.
India’s economy grew by a stronger-than-expected 7.8 per cent in April-June, its fastest pace in five quarters, before US President Donald Trump imposed tariffs that now cloud the outlook, threatening key exports like textiles.
“India’s Q1 GDP growth of 7.8%, exceeding projections, has reinforced investor confidence in the economy’s resilience amid global uncertainties.
“Expectations of GST rationalisation at the upcoming council meeting continue to bolster sentiment, supporting discretionary consumption.
“This optimism is particularly benefiting sectors such as auto and consumer durables,” Vinod Nair, head of research, Geojit Investments Limited, said.
In Asian markets, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng settled in positive territory while South Korea’s Kospi and Japan’s Nikkei 225 index ended lower.
Global oil benchmark Brent crude climbed 0.92 per cent to $68.10 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,312.66 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 11,487.64 crore, according to exchange data.
