Markets closed higher for the second day on gains in IT, banking stocks

The NSE Nifty rose 117.10 points. (File)


Benchmark indices Sensex and Nifty advanced for the second consecutive session on Monday on gains in IT, banking and auto stocks following strong global trends.

The benchmark 30-share BSE rose 415.49 points, or 0.69 percent, to close at 60,224.46, with its 25 constituents ending in the green.

The barometer opened higher and rallied nearly 690 points to hit a high of 60,498.48 in intraday trade.

The National Stock Exchange’s broad-based Nifty index rose 117.10 points, or 0.67 percent, to end at 17,711.45. 39 NIfty shares closed in the green.

Global markets edged higher after US markets closed on Friday after positive economic data boosted investor sentiment, analysts said.

Among the Sensex stocks, Tata Motors gained the most at 2.79 percent. NTPC, Reliance Industries, Infosys, TCS, HDFC twins, Tata Motors, ITC, Power Grid and Bajaj Finserv were among the major gainers.

Tata Steel fell the most by 1.22 percent. L&T, Sun Pharmaceuticals, IndusInd Bank and Ultratech Cement were among the losers.

Vinod Nair, Head of Research, Geojit Financial Services said, “The key concerns that dominated the market in the previous weeks were fear and uncertainty over aggressive Fed policy action, which led to rising Treasury yields and the US dollar. Around Adani.

“All of that has now turned in favor of the bulls, as US officials have reduced the likelihood of a sharp rate hike, forcing yields and the dollar index to moderate.” Besides, a massive foreign deal in Adani, a period of oversold domestic market and improved market sentiment due to FII buying helped to strengthen the recovery, he added.

Among global markets, stocks in Asia and Europe rose after strong data on the US economy sent Wall Street to its best close in six weeks.

Germany’s DAX index rose 0.4 percent, and France’s CAC 40 index rose 0.7 percent. London’s FTSE 100 index fell 0.1 percent.

In Asian trade, Hong Kong’s Hang Seng rose 0.2 percent, Tokyo’s Nikkei 225 rose 1.1 percent and Seoul’s Kospi rose 1.3 percent.

On Friday, the Sensex rallied around 900 points while the Nifty jumped over 272 points, mainly on the back of positive global cues and fresh fund inflows.

Foreign portfolio investors (FPIs) were net buyers with an investment of Rs 246.24 crore on Friday, according to BSE data.

Markets will be closed on Tuesday for Holi festival.

(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)

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