Sensex shoots 567 points amid global stocks rally, broad-based buying
The bulls were back in action in the stock market as Nifty 50 surpassed the 26,000 level during the session on Monday. Market performance was helped by supportive global cues and broad-based buying.
At close, the Sensex was up 566.96 points or 0.67% at 84,778.84, and the Nifty was up 170.9 points or 0.66% at 25,966.05. The BSE Midcap index added 0.7% and smallcap index rose by 0.5%.
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During the day, the 30-share BSE Sensex surged 720.2 points or 0.85% to 84,932.08.
Among Sensex firms, Bharti Airtel, Reliance Industries, Eternal, State Bank of India, Tata Steel and HDFC Bank were the major gainers. However, Kotak Mahindra Bank, Bharat Electronics, Infosys and Bajaj Finance were among the laggards.
Notably, the indices have now gained in seven out of the last eight trading sessions.
Among the sectors, barring media and pharma, all other indices ended in the green. Metal, PSU Bank, oil & gas, realty index was up 1-2%. Nifty PSU Bank surged the most at 2.22% while the Private Bank index added 1.46%.
On Nifty 50, 33 stocks surged in trade. Grasim gained 3.22% while SBI Life jumped 3.16%. Bharti Airtel, SBI and RIL were among other gainers, rising over 2% each.
While 11 Nifty stocks closed in the red today. Kotak Mahindra Bank, down 1.72%, declined the most. Others in the red were BEL, Bajaj Finance, Adani Enterprises and ONGC.
More than 180 stocks touched their 52-week high on the BSE. These included eClerx Services, HBL Engineering, SBI Life Insurance, CreditAccess Grameen, Federal Bank, Bank of India, Bharti Airtel, Cummins India, Laurus Labs, Shriram Finance, SBI, Hindalco Industries, Motilal Oswal, Chola Invest, Tata Steel, Amber Enterprises, Asahi India, Sammaan Capital, among others.
Metal and realty shares gained after a softer-than-expected US inflation print boosted expectations of a rate cut by the US Federal Reserve.
Brigade Enterprises, Sobha, Godrej Properties and Prestige Estates Projects were among the leading gainers, advancing around 3%.
Federal Bank shares spiked over 3% after brokerages issued positive notes for the stock.
The oil marketing companies (OMCs), Hindustan Petroleum, Indian Oil Corporation, and Bharat Petroleum, gained up to 3.8% while Ather Energy also extended its gains, rising another 4% to end at Rs 734 apiece.
