Mumbai: At close on Monday, the benchmark stock indices Sensex and Nifty surged over 1% due to purchases of IT, oil and gas, and banking shares, which were supported by strong global trends. The 30-share BSE Sensex increased for a second straight session, gaining 760.37 points or 1.41 percent to close at 54,521.15. It increased by 795.88 points, or 1.48 percent, to 53,760.78 during the trading day.
As 41 of its members rose, the broader NSE Nifty increased by 229.30 points, or 1.43 percent, to 16,278.50. IndusInd Bank, Infosys, Tech Mahindra, Bajaj Finserv, Axis Bank, UltraTech Cement, Kotak Mahindra Bank, and ICICI Bank were the top gainers among the Sensex constituents.
The laggards were Dr. Reddy's Lab, HDFC Bank, Maruti, Mahindra & Mahindra, Nestle, Hindustan Unilever, and HDFC. "Indian markets opened on a strong tone following favorable Asian market conditions generally. As buying was observed in capital goods, IT, and Teck stocks throughout the afternoon session, markets continued to gain. Gains in leading blue-chip companies like Infosys and Tech Mahindra also contributed to the market upturn, according to Narendra Solanki, Head of Fundamental Research at Anand Rathi Investment Services.
International benchmark Brent crude increased 2.18 percent to USD 103.4 per barrel in the meantime. Markets in Asia's Seoul, Shanghai, and Hong Kong all finished sharply higher.
Mid-session deals saw European markets trading in the black. On Friday, the US stock markets ended significantly higher. On Friday, the Nifty increased 110.55 points or 0.69 percent to 16,049.20, while the BSE barometer increased 344.63 points or 0.65 percent to close at 53,760.78.
According to exchange data, foreign institutional investors resumed selling on Friday, offloading shares worth Rs 1,649.36 crore in the capital market.