Benchmark Sensex and Nifty spurted over 1 per cent on Monday following hectic buying in IT, oil and gas and banking shares bolstered by firm global trends.
Rising for a second straight session, the 30-share BSE Sensex rallied 760.37 points or 1.41 per cent to settle at 54,521.15. During the day, it jumped 795.88 points or 1.48 per cent to 53,760.78.
The broader NSE Nifty advanced 229.30 points or 1.43 per cent to 16,278.50 as 41 of its constituents advanced.
Stock markets opened on a positive note following gains in Asian markets. Key indices extended gains in afternoon session after buying in IT, banking, teck and capital goods stocks.
“Gains in frontline blue-chip stocks such as Infosys, Tech Mahindra also helped to lift the markets,” said Narendra Solanki, Head Fundamental Research -Anand Rathi-Investment Services.
Among Sensex constituents, IndusInd Bank rose the most by 4.36 per cent.
IT companies ended their losing run with Infosys rising by 4.16 per cent, Tech Mahindra by 3.67 per cent, Wipro by 2.77 per cent and TCS by 2.23 per cent.
Reliance Industries rose by nearly 1 per cent after a spurt in crude oil prices.
Bajaj Finserv spurted by 3.46 per cent, Axis Bank by 3.31 per cent, Kotak Bank by 3.25 per cent, ICICI Bank by 2.78 per cent and SBI by 2.35 per cent.
Ultratech Cement, L&T, Tata Steel, HCL Tech, Bharti Airtel, Bajaj Finance also gained.
On the other hand, Dr Reddy’s fell the most by 1.7 per cent while HDFC twins also dropped up to 1.19 per cent. M& M dropped by 0.86 per cent and Maruti by 0.84 per cent.
“Strong US retail sales data scaled down the worries of an aggressive rate hike higher than 75bps providing the much-needed optimism to global equities. The European Central Bank, in its meeting this week, is set to increase its interest rates for the 1st time to contain record-high inflation,” Vinod Nair, Head of Research at Geojit Financial Services said.
