Mumbai, aug 2
Equity benchmark Sensex rallied 364 points on Monday, driven by gains in index majors Reliance Industries, Infosys and TCS amid a positive trend in global equities.The 30-share index ended 363.79 points or 0.69 per cent higher at 52,950.63, while the broader NSE Nifty surged 122.10 points or 0.77 per cent to 15,885.15.
Titan was the top gainer in the Sensex pack, rising over 3 per cent, followed by M&M, Reliance Industries, Axis Bank, TCS, Maruti and Infosys. On the other hand, Tata Steel, Bajaj Finserv, Bajaj Finance, Sun Pharma, Dr Reddy’s and HDFC Bank were among the laggards.
Domestic equities recovered sharply as positive cues from global equities and strong rebound in auto supported benchmark Nifty, said Binod Modi, Head-Strategy at Reliance Securities. Further, modest recovery in financials, IT and pharma also supported market, he said, adding that realty stocks were in focus after sharp improvement in property registrations in Mumbai for July, while decent improvement in monthly auto sales volume aided original equipment manufacturers (OEMs).He further noted that most key sectoral indices traded in green, while volatility index broadly stood flat.Elsewhere in Asia, bourses in Shanghai, Seoul, Tokyo and Hong Kong ended with significant gains. Stock exchanges in Europe were also trading on a positive note in mid-session deals.Meanwhile, international oil benchmark Brent crude declined 1.35 per cent to USD 74.39 per barrel.Equity benchmark Sensex surged over 300 points in early trade on Monday, tracking gains in index majors HDFC, Reliance Industries and Infosys amid a positive trend in global equities.The 30-share index was trading 333.69 points or 0.63 per cent higher at 52,920.53 in initial deals, while the broader NSE Nifty advanced 101.65 points or 0.64 per cent to 15,864.70.
Titan was the top gainer in the Sensex pack, rising around 2 per cent, followed by Axis Bank, Bharti Airtel, HDFC, Maruti, Bajaj Finserv, Infosys and Reliance Industries.On the other hand, Tech Mahindra, Sun Pharma, NTPC, PowerGrid and Dr Reddy’s were among the laggards.In the previous session, Sensex slipped 66.23 points or 0.13 per cent to close at 52,586.84, while the broader NSE Nifty dipped 15.40 points or 0.10 per cent to 15,763.05.Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,848.31 crore on Friday, as per provisional exchange data.”Barring financials, June quarter earnings so far have been encouraging and most companies succeeded to beat consensus estimates, which offered comfort and aided to restrict sharp fall despite selling pressure in global equities,” said Binod Modi Head-Strategy at Reliance Securities. Further, persistent soft monetary policy stance of Federal Reserve along with least possibility of any reversal of monthly bond buying in the near to medium term and recent softening of dollar index augur well for emerging markets including India, Modi added.
