Bourses soar on heavy buying in IT, auto and metal stocks, Sensex rallies 638 points

Mumbai: Benchmark Sensex jumped by 638 points while the broader Nifty closed above 26,100 on Monday following heavy buying in IT, auto and metal shares amid foreign fund inflows and a rally in global markets on hopes of further rate cuts by the US Federal Reserve.

Building on the previous session’s rally, the 30-share BSE Sensex jumped 638.12 points or 0.75 per cent to settle at 85,567.48. The 50-share NSE Nifty climbed 206 points or 0.79 per cent to close above the 26,100 mark at 26,172.40.

Among Sensex firms, Trent rose the most by 3.56 per cent. IT shares Infosys jumped 3.06 per cent, Tech Mahindra by 2.09 per cent, HCL Tech by 1.67 per cent and TCS by 1.28 per cent. Bharti Airtel, Bharat Electronics, Tata Motors, Reliance and Maruti were among the major movers.

However, State Bank of India fell the most by 0.6 per cent, followed by Kotak Mahindra Bank, Larsen & Toubro and Titan.

The BSE smallcap gauge jumped 1.12 per cent, while midcap index climbed 0.86 per cent.

All sectoral indices ended higher. IT surged 1.99 per cent, BSE Focused IT by 1.72 per cent, capital goods by 1.65 per cent, industrials by 1.33 per cent, metal by 1.32 per cent and commodities by 1.05 per cent.

A total of 2,796 stocks advanced while 1,514 declined and 191 remained unchanged on the BSE

The rupee pared initial gains and settled for the day in the negative territory, slightly down by 1 paisa at 89.68 against the US dollar on Monday.