Sensex rises for 3rd day, up 800 pts; Nifty tops 19K amid a broad-based rally
Indian markets gained momentum on Monday as the benchmark Sensex topped the 60,000 mark and Nifty 50 raced near the 18,000 level. Heavyweight stocks like Reliance Industries, Bajaj twins, HDFC Bank, and TCS powered a super rally in broader markets. IT stocks outshined, while significant upside was added by pharma and auto stocks as well. Except for metal stocks, all other sectoral indices rose sharply.
At around 9:36 AM, Sensex was trading at 60,509.53 up 549.68 points or 0.90%. The index has touched an intraday high of 60,522.94.
Nifty 50 traded at 17,944.80 higher by 158 points or 0.89%. The index has clocked the day’s high of 17,946.70.
On BSE, the SmallCap index jumped nearly 100 points, while the MidCap was up 160 points.
Further, on NSE, in terms of sectoral indices, the IT index soared nearly 500 points, while the Pharma index jumped over 200 points.
Top bulls on Nifty were – Dr. Reddy’s surging over 3% after Q2 results. Tech Mahindra followed with over 2% upside. Infosys, HCL Tech, and Cipla soared nearly 2% each.
Eicher Motors, Hindustan Unilever, Cipla, Grasim, and HDFC zoomed over 1% each. TCS, Power Grid, Nestle, Titan, and Adani Ports also contributed significantly to the winning streak.
The top bears on Nifty were – NTPC, Tata Steel and UPL tumbling between 0.3-2%.
Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up over 340 points in early trade. Most other Asian indices traded higher even as euphoria saw profit booking as most Asian markets have been seeing ETF outflows due to the underperformance of Chinese stocks.
US markets witnessed another superb day to end the best week in over 3 years as Dow Jones gains 830 points while Nasdaq gains 310 points.
Stock market highlights: Domestic equities extended their gains into the third straight day on Monday as global markets bounced back. The S&P BSE Sensex surged 787 points, or 1.3 percent, to end at 60,747. The Nifty50, meanwhile, shut shop at 18,011, up 225 points or 1.26 percent.
Gains were broad-based as all the sectoral indices ended higher. The Financial Services, IT, Pharma, Auto, and Consumer Durable indices gained over 1 percent each, while others added up to 1 percent.
Among individual stocks, Ultratech Cement, Sun Pharma, HDFC twins, L&T, M&M, Bajaj twins, Bharti Airtel, Asian Paints, Infosys, Tech M, Kotak Bank, HUL, Titan, and ITC jumped in the range of 1 percent to 4 percent. On the downside, NTPC, Dr. Reddy’s Labs, IndusInd Bank, and Nestle were the only Sensex losers, down up to 0.7 percent.
Global cues
Elsewhere in Asia-Pacific, shares were mostly higher on Monday as China factory activity missed expectations, and markets looked ahead to the US Federal Reserve meeting later this week. Nikkei advanced 1.8 per cent, Kospi 1.1 per cent, and ASX200 1.15 per cent. Hang Seng, however, dipped by 1.2 percent.
