Stock markets rallied for the third consecutive day on Monday, with benchmark Sensex climbing 583 points and the Nifty reclaiming the 25,000-level following value buying in IT and financial shares.
Photograph: Danish Siddiqui/Reuters
The 30-share BSE Sensex jumped 582.95 points or 0.72 per cent to settle at 81,790.12.
During the day, it zoomed 639.25 points or 0.78 per cent to 81,846.42.
The 50-share NSE Nifty surged by 183.40 points or 0.74 per cent to 25,077.65.
Nifty has advanced 466 points or 1.89 per cent in three sessions to regain the 25,000 level on Monday on value buying by investors.
Among Sensex firms, Tata Consultancy Services, Tech Mahindra, Axis Bank, Bajaj Finance, Eternal, Infosys, Kotak Mahindra Bank and Bajaj Finserv were the major gainers.
However, Tata Steel, Adani Ports, Power Grid and Titan were among the laggards.
“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results.
“The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge climbed 0.68 per cent, while smallcap index dipped 0.20 per cent.
Among sectoral indices, BSE Focused IT surged the most by 2.21 per cent, followed by IT (1.96 per cent), teck (1.60 per cent), bankex (1.10 per cent), healthcare (1.05 per cent) and financial services (0.93 per cent).
Commodities, FMCG, telecommunication, utilities and metal were among the laggards.
“Market remained in positive territory through the session mainly aided by gains in banking, IT and healthcare stocks. Despite the upmove, it was not a broad-based rally, indicating that undertone still remains cautious with a weak bias owing to sharp selling by overseas investors,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, Japan’s Nikkei 225 index jumped nearly 5 per cent, while Hong Kong’s Hang Seng index settled lower. Markets in China and South Korea were closed for holidays.
Global oil benchmark Brent crude jumped 1.78 per cent to $65.68 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,583.37 crore on Friday, according to exchange data.
