Sensex zooms 760 pts, Nifty tops 16,250; IT index up 3%, HDFC Bank dips 1%

CLOSING BELL: The frontline indices climbed on the back of gains in Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries

CLOSING BELL

Stock market highlights: Riding on an upbeat global momentum, benchmark indices surged over 1 per cent higher on Monday, led by nearly broad-based buying. The S&P BSE Sensex jumped 760 points to end at 54,521 level while the Nifty closed at 16,279, up 229 points.

The frontline indices climbed on the back of gains in Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries. All these index heavyweights rallied between 0.85 per cent and 4.5 per cent. Separately, Tech M, Bajaj twins, Wipro, Ultratech Cement, Tata Steel, Titan, and Asian Paints were the other gainers rising up to 3.5 per cent.

On the downside, Dr Reddy's Labs, HDFC Bank, HUL, Nestle, M&M, Maruti Suzuki, and HDFC were the laggards, down in the range of 0.5 per cent to 1.7 per cent.

Meanwhile, in the broader market, Cholamandalam Finance, Shriram Transport Finance, Voltas, RBL Bank, Mindtree, Quick Heal, Vardhaman Textiles, and AP Tech lifted the BSE MidCap and SmallCap indices 1.5 per cent and 1.4 per cent higher, respectively.

Sectorally, all the indices, except the Nifty Pharma index, settled in the positive territory. The Nifty IT index advanced over 3 per cent, followed by the Nifty PSB index (up 3 per cent), and the Nifty Metal index (2.5 per cent). The Pharma index, meanwhiole, eased 0.14 per cent.

Global cues

European stocks advanced on Monday to build on Friday's gains, although Italy's main index was muted amid political uncertainty. The pan-European Stoxx 600 index gained 1.2 per cent in early deals, with oil and gas stocks climbing 2.9 per cent to lead gains as all sectors and major bourses entered positive territory.

In Asia-Pacific on Monday, Hong Kong's Hang Seng jumped more than 2 per cent, while US stock index futures were 1 per cent higher after a positive end to last week.

4:00 PM

Nifty tech view: RSI indicator confirms strength in the index

The Nifty index witnessed a strong breakout on the daily chart and closed above the level of 16,200.

The RSI indicator has given a positive crossover on the daily chart, which confirms the strength in the index.

The index is likely to test the level of 16,600-16,800 level on the upside. The lower end support stands at 16,100-15,900 zone.
 

Views by  Kunal Shah, Senior Technical Analyst at LKP Securities.

3:58 PM

Closing view: Bottom fishing lift IT, banks; Realty gains on strong prospects

Strong US retail sales data scaled down the worries of an aggressive rate hike higher than 75 bps 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.

On the domestic front, while IT and banking stocks were lifted by bottom fishing, realty stocks accumulated gains on improving business prospects.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

3:56 PM

Rupee ends at fresh record closing low of 79.98/$

3:54 PM

Zydus Life drops 3.5%; co received FDA nod for Efinaconazole solution

 

3:52 PM

Jindal Stainless adds 5%; co says will provide 3,500 MT steel for Railway tunnel project

 

3:50 PM

Ahluwalia Contracts surges 5% on bagging Rs 140 crore order

 

3:48 PM

Rupa Co gains 3% as Abakus Fund ups stake in co by 1.05%

 

3:47 PM

SML Isuzu soars 7%; investor Sachin Bansal increased stake to 15.24% in Q1

 

 

3:43 PM

Nifty IT, PSBs surge 3% each; FMCG pack closes flat

 

3:41 PM

Gains spread across broader markets; Midcaps outshine

 

3:39 PM

Nifty losers: Dr Reddy's, Britannia, HDFC Bk slip 1-2%

 

3:37 PM

Nifty winners: Hindalco, IndusInd Bank, Infosys top lifters

 

3:36 PM

Sensex heatmap: Only 8 of 30 stocks close lower

 

3:34 PM

Closing Bell: Nifty surges 229 pts to near 16,300 at close

 

3:32 PM

Closing Bell: Sensex rises for 2nd day; closes at day's high with a 760 pt gain