Share Market News: Sensex Surges 941 Points; Nifty Around 22,650. ICICI Bank Rises 4%

Share Market News: On the 30-share Sensex platform, ICICI Bank jumped 4.67 per cent, followed by SBI (3 per cent), UltraCemco, IndusInd Bank, Axis Bank, NTPC

Share Market News: In the broader markets, Nifty Midcap and Smallcap closed with gains of over 0.40 per cent and 0.20 per cent, respectively.

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Share Market News: The two key equity benchmarks, Sensex and Nifty, on Monday closed higher on the back of strong gains in banking stocks. The BSE Sensex ended 941 points higher at 74,671. On the other hand, the NSE Nifty50 settled 223 points higher at 22,643.

Stock update

On the 30-share Sensex platform, ICICI Bank jumped 4.67 per cent, followed by SBI (3 per cent), UltraCemco, IndusInd Bank, Axis Bank, NTPC. On the down side, HCLTech slumped 5.79 per cent, followed by ITC, Wipro, and Bajaj Finserv.

In the broader markets, Nifty Midcap and Smallcap closed with gains of over 0.40 per cent and 0.20 per cent, respectively.

Sectoral update

Sectorwise, Nifty Bank, PSU Bank and Private Bank advanced about 2-2.60 per cent, followed by Financial Services, which rose 2.14 per cent. On the other hand, Nifty Realty lost 1 per cent.

In the previous session on Friday, the S&P BSE Sensex sank 609 points to close at 73,730, while the NSE Nifty50 closed at 22,420, down 150 points.

"The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. Easing Middle East tensions, coupled with stable earnings, are expected to maintain positive market sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.

Global market updates

In Asian markets, Seoul, Shanghai and Hong Kong settled in the positive territory. European markets were trading on a mixed note. Wall Street ended with gains on Friday.

Global oil benchmark Brent crude declined 0.51 per cent to $89.04 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,408.88 crore on Friday, according to exchange data.