Markets rise over 1% on buying in blue-chip banking counters

Mumbai: Stock market benchmark indices Sensex and Nifty rebounded by over 1 per cent on Monday after facing a massive drubbing in the past three trading days, driven by value-buying in blue-chip banking counters.

The 30-share BSE Sensex jumped 938.93 points or 1.26 per cent to settle at 75,502.85. During the day, it hit a high of 75,805.27 and a low of 73,949.76.

The 50-share NSE Nifty climbed 257.70 points or 1.11 per cent to end at 23,408.80.

From the 30 Sensex firms, UltraTech Cement surged 4.22 per cent. Trent, HDFC Bank, Mahindra & Mahindra, Eternal, Bajaj Finance, ITC, Tata Steel and State Bank (SBI) of India were among the biggest gainers.

Bharat Electronics, Sun Pharma, Power Grid and Bharti Airtel were among the major laggards.

The BSE MidCap Select index dipped 0.36 per cent and Smallcap Select index edged lower by 0.25 per cent.

Among sectoral indices, BSE Top 10 Banks surged 1.61 per cent, followed by Private Banks index (1.38 per cent), Financial Services (1.32 per cent), Auto (1.23 per cent), Bankex (1.08 per cent) and FMCG (0.94 per cent).

BSE oil & gas index dropped 2.29 per cent, hospitals (1.64 per cent), realty (1.51 per cent), energy (1.36 per cent) and healthcare (1.13 per cent).

In Asian markets, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index ended lower, while South Korea’s benchmark Kospi and Hong Kong’s Hang Seng index settled higher. Markets in Europe were trading mostly lower.

The US market ended lower on Friday.

Brent crude, the global oil benchmark, jumped 1.41 per cent to $104.4 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,716.64 crore on Friday, according to exchange data.

Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 9,977.42 crore.

On Friday, the Sensex settled at 74,563.92, down 1,470.50 points or 1.93 per cent. The Nifty tanked 488.05 points or 2.06 per cent to end at 23,151.10.