Markets extend winning momentum on US Fed rate cut hopes; Sensex rallies 600 points

Mumbai: Stock market benchmark indices Sensex and Nifty surged nearly 1 per cent on Monday, propelled by intense buying in metal, IT and consumer durable stocks amid hopes that the US Federal Reserve will start cutting interest rates soon.

Renewed Foreign fund inflows and buying in frontline stocks HDFC Bank and Reliance Industries further bolstered investor sentiment, traders said. Rising for the fifth straight day, the 30-share BSE Sensex jumped 611.90 points or 0.75 per cent to settle at 81,698.11. During the day, it surged 738.06 points or 0.91 per cent to 81,824.27.

A total of 2,189 stocks advanced, while 1,860 declined and 148 remained unchanged on the BSE.

The NSE Nifty soared 187.45 points or 0.76 per cent to 25,010.60, registering gains for the eighth session in a row.

Among the 30 Sensex firms, HCL Technologies, NTPC, Bajaj Finserv, Tech Mahindra, JSW Steel, Titan, Mahindra & Mahindra, Tata Steel, Larsen & Toubro and Tata Consultancy Services were the biggest gainers.