Indian equity benchmarks NSE Nifty 50 and BSE Sensex ended higher on Monday, breaking a four day losing streak. The headline indices rose nearly three percent. Nifty reclaimed 18,000 mark. Broader market indices mirrored gains in headline indices. Nifty Midcap 100 and Nifty Smallcap 100 ended 2.7 percent and 3.8 percent higher.
The Sensex rose 988.5 points to 60,833.8, before ending at 60,566.4. The Nifty50 moved within a range of 17,774.2-18,084.1 in intraday trade before ending 1.8 percent higher at 18,014.6. Nifty Bank gained 962 points to 42,630 and Midcap index rose 819 points to 30,977.
A total of 40 stocks in the Nifty50 basket finished in the green, with SBI and IndusInd Bank being the top laggards.
Union Bank, Poonawalla, Yes Bank, Bank of India and PNB led the Nifty Midcap index higher.
On the other hand, Cipla, Divi’s, Dr Reddy's, Nestle and Kotak Bank ended the session with losses.
"After a four-day selloff, the domestic market was refuelled by bottom fishing and optimistic sentiment from global counterparts. PSBs led the rally, while mid- and small-cap stocks outpaced the benchmark. Contrary to the trend, global concerns over the recession and COVID spread continue to remain high, which will sustain volatility in the market," said Vinod Nair, Head of Research at Geojit Financial.
Barring Nifty Pharma, all the sectoral indices ended with gains.
Overall market breadth favoured the advance at the close, as 2,876 stocks rose while 759 fell on BSE.
Rupee ended 21 paise higher from its previous close at 82.65 vs dollar.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Telangana CM violated poll code, defer Rythu Bharosa payment, says Election Commission
May 7, 2024 9:01 PM
Lok Sabha Election 2024: How Indian political parties are leveraging AI
May 7, 2024 6:59 PM