Benchmark BSE Sensex rose 319 points on Monday on gains in IT and financial stocks following positive quarterly results amid supportive global signals.
The 30-stock BSE barometer rose 319.90 or 0.53 percent to close at 60,941.67.
The index opened higher, gaining more than 400 points to reach the 61,000 level. It reached a high of 61,113.27 and a low of 60,761.88 on the day.
The broader NSE Nifty gained 90.90 points or 0.5 percent to settle at 18,118.55 as 32 of its shares advanced while 18 fell. The index moved between 18,162.60 and 18,063.45 throughout the day.
Of the Sensex shares, Hindustan Unilever rose the most with 1.89 percent. Sun Pharma, Tata Motors, Infosys, TCS, Tech Mahindra, HCL Tech, SBI, Kotak Bank, HDFC twins and Nestle were among the big winners.
On the other hand, UltraTech Cement was the biggest loser, with a drop of 4.62 percent. NTPC, L&T, Tata Steel, Reliance Industries and Titan were also among the laggards.
“Market breadth tilted in favor of bulls lifted by financial stocks amid positive signals from global peers. Strong corporate earnings reported by banks fueled interest in financial stocks. Positive global markets reflecting the possibility of a less aggressive rate hike , further added color,” said Vinod Nair, chief research officer at Geojit Financial Services.
Stocks in Europe and Asia also rose Monday, following a rally in US markets on Friday.
Tokyo’s Nikkei 225 index rose 1.3 percent despite concerns that Japan is in dire financial straits after heavy spending to counter the pandemic and other issues. Most Asian markets were closed for the Lunar New Year holidays.
In Europe, the German DAX rose 0.1 percent, the CAC 40 in Paris gained 0.1 percent and the British FTSE 100 rose 0.2 percent.
On Friday, the S&P 500 rose 1.9 percent, the Dow Jones Industrial Average 1 percent and the Nasdaq 2.7 percent.
Brent oil, the price benchmark for international trade, fell 17 cents to USD 87.46 a barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market on Friday as they sold shares worth Rs 2,002.25 crore, according to exchange data.
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