Markets snap 2-day losing streak as Sensex jumps 227 points, Nifty ends above 55,550

Mumbai: The Sensex and Nifty made a positive start to the week on Monday as IT, banking and finance counters saw robust buying amid a supportive trend in global equities.

A strengthening rupee, which climbed 17 paise against the US dollar, added to the momentum.

Recovering from a two-session slide, the 30-share BSE Sensex darted up 226.47 points or 0.41 per cent to close at 55,555.79. Similarly, the broader NSE Nifty advanced 45.95 points or 0.28 per cent to 16,496.45.

HCL Tech was the top gainer in the Sensex pack, spurting 4.10 per cent, followed by TCS, Bajaj Finserv, Nestle India, Bharti Airtel, Bajaj Finance, Tech Mahindra and Kotak Bank.

On the other hand, Mahindra & Mahindra, Bajaj Auto, UltraTech Cement, PowerGrid, ITC, Asian Paints and Tata Steel were among the laggards, shedding up to 2.50 per cent.

Sectorally, BSE teck, IT, telecom, energy, oil and gas, bankex and finance indices ended up to 1.26 per cent higher, while basic materials, auto, industrials, realty and healthcare closed in the red.

Broader BSE midcap and smallcap indices underperformed the benchmarks, slumping up to 1.55 per cent.

World stocks were in better shape after last week's sell-off, though the rising Delta variant cases and worries over the US Federal Reserve tapering its asset purchases clouded investor sentiment.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with strong gains.

Equities in Europe were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude surged 2.95 per cent to $66.66 per barrel. The rupee jumped 17 paise to close at 74.22 against the US dollar on Monday amid a weak American currency overseas.