Sensex Surges Nearly 600 Points, Nifty Settles Above 11,200 Led By Banks

Domestic stock markets rallied for second session in a row on Monday, wherein the Sensex rose as much as 627 points and Nifty 50 index moved above its important psychological level of 11,200 led by gains in ICICI Bank, Axis Bank, HDFC, Bajaj Finance, HDFC Bank and Reliance Industries. The sharp rebound in the benchmarks came after they suffered intense selling pressure in the six sessions until Thursday last week which saw Nifty tumble by over 6 per cent.

The Sensex ended 593 points or 1.59 per cent to close at 37,982 and Nifty 50 index rose 177 points or 1.60 per cent to settle at 11,228.

Buying was visible across sectors; all the 11 sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Bank, Auto and Metal indices' over 3 per cent gain.

The domestic stock markets rallied for second session in a row on Monday. The Sensex rose as much as 627 points and Nifty 50 index moved above its important psychological level of 11,200, led by gains in ICICI Bank, Axis Bank, HDFC, Bajaj Finance, HDFC Bank and Reliance Industries. The sharp rebound in the benchmarks came after they suffered intense selling pressure in the six sessions until Thursday last week, which saw Nifty tumble by over 6 per cent.

The Sensex ended 593 points or 1.59 per cent to close at 37,982 and Nifty 50 index rose 177 points or 1.60 per cent to settle at 11,228.

Buying was visible across sectors; all the 11 sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Bank, Auto and Metal indices' over 3 per cent gain.

Mid- and small-cap shares also witnessed good buying interest as the Nifty Midcap 100 and Nifty Smallcap 100 indexes surged 2.87 per cent and 3.5 per cent each respectively.

In the Nifty 50 basket of shares, 46 shares ended higher led by the IndusInd Bank's 8 per cent gain. Bajaj Finance, Axis Bank, ONGC, Tata Motors, Power Grid, Adani Ports, Sun Pharma, ICICI Bank, Grasim Industries and Mahindra & Mahindra also rose 4-6 per cent each.

On the flip side, Wipro, Hindustan Unilever, Nestle India and Infosys were among the notable losers.

The overall market breadth was extremely positive as 1,927 shares closed higher while 757 ended lower on the BSE.