Markets rise nearly 1%; Sensex up 468.38 pts, Nifty ends above 18,420
Mumbai: Benchmark BSE Sensex and Nifty closed higher by nearly 1 per cent on Monday, ending their two-session losing streak following heavy buying in banking, oil and FMCG shares.
The 30-share BSE barometer jumped 468.38 points or 0.76 per cent to settle at 61,806.19 as 24 of its stocks advanced.
During the day, it advanced 507.11 points or 0.82 per cent to a high of 61,844.92.
Similarly, the broader NSE Nifty climbed 151.45 points or 0.83 per cent to end at 18,420.45.
The indices had declined by more than 2 per cent in the last two sessions.
"Stabilizing after the previous session, domestic indices edged towards gains owing to optimistic cues from western markets," said Vinod Nair, Head of Research at Geojit Financial Services.
From the Sensex pack, Mahindra & Mahindra, Power Grid, Bharti Airtel, Bajaj Finserv, HDFC, Hindustan Unilever, Maruti, ITC, Titan, Nestle, Bajaj Finance and Reliance Industries were the major winners.
Tata Consultancy Services, Infosys, Tata Motors and IndusInd Bank were among the laggards.
The IT sector stood out as an exception to the rally, as the growth guidance of the US IT sector signalled downgrades, Vinod Nair said adding that fears of a worldwide recession and mounting local COVID cases weighed heavily on Asian stocks.
In the broader market, the BSE midcap gauge climbed 0.67 per cent and smallcap index climbed 0.29 per cent.
Among sectoral indices, services jumped 1.94 per cent, auto climbed 1.67 per cent, FMCG (1.43 per cent), consumer discretionary (0.94 per cent), energy (0.93 per cent) and metal (0.91 per cent). IT and tech were the laggards.
International oil benchmark Brent crude climbed 1.15 per cent to $79.95 per
barrel.
The rupee rose by 13 paise to settle at 82.62 against the US dollar on Monday as robust buying in the domestic equities and a weak American currency against key crosses overseas boosted investor sentiments. Foreign institutional investors (FIIs) offloaded shares worth Rs 1,975.44 crore on Friday, according to exchange data.
