Sensex Climbs 473 Points, Nifty Gains 0.6%, Banking And IT Stocks Lead Market Rebound
· Free Press Journal
Indian benchmark indices opened higher on Monday, reversing the weakness seen in the previous trading session.
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The rally was led by banking and information technology stocks.
The BSE Sensex opened 358 points higher at 77,160, compared to its previous close of 76,802. The 30-share benchmark later climbed to an intraday high of 77,275, up 473 points or around 0.61 percent from the previous close.
The NSE Nifty opened 93 points higher at 24,106 against its previous closing level. The 50-share index advanced further to 24,159, gaining 0.60 percent.
Market breadth remained strong. Out of 3,146 stocks traded on the National Stock Exchange, 2,198 advanced while 850 declined.
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Among the Nifty 50 stocks, Cipla emerged as the top gainer, rising 3.71 percent.
Tata Motors Passenger Vehicles gained 2.61 percent. Other automobile stocks also traded higher, with Bajaj Auto rising 1.5 percent, Eicher Motors gaining 1.17 percent and Mahindra & Mahindra advancing 0.56 percent.
IT And Banking Stocks Support Rally
Information technology stocks contributed to the market's gains.
Tech Mahindra rose 1.43 percent, while Infosys gained 1 percent. HCLTech advanced around 0.78 percent and Wipro was up 0.35 percent.
Banking stocks also remained in demand. HDFC Bank, ICICI Bank and Axis Bank gained between 0.38 percent and 1 percent.
Healthcare, Ports Stocks Lag
On the losing side, Max Healthcare was the biggest laggard, declining 1.18 percent.
Adani Ports followed with a loss of 1 percent.
Among sectoral indices, Nifty Oil & Gas was the top performer, rising 1.11 percent. Nifty IT gained 0.82 percent, while Nifty Auto advanced 0.78 percent.