Stock Market: Sensex Gains 240 Points, Nifty Settles Near 18,600 On Strong Global Cues. Power, Auto Lead

Stock update: On the 30-share Sensex platform, M&M, Axis Bank, Tata Motors, L&T, Tata Steel, ICICI Bank, Maruti, IndusInd Bank, Reliance were among the lead gainers

In the broader market, the BSE Midcap index gained 0.3 per cent, while Smallcap index rose 0.5 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Monday held steady gains throughout the session and also saw some profit booking in the fag-end of the trading session. The domestic indices remained upbeat as investors cheered the signing of the US debt ceiling bill into a law. The S&P BSE Sensex jumped to a high of 62,943 in the intra-day trade. However, it settled at 62,787, up 240 points. On the other hand, the Nifty50 hit a high of 18,640 during the day before closing at 18,594, up 60 points.

On the 30-share Sensex platform, M&M, Axis Bank, Tata Motors, L&T, Tata Steel, ICICI Bank, Maruti, IndusInd Bank, Reliance were among the lead gainers. On the flip side, Asian Paints, TechM, Nestle, Kotak Bank, HUL, ITC, TCS emerged losers.

#ABPLiveStockMarketWatch | Indian equity benchmarks on Monday closed in the green amid strong global cues
At 03:30 PM, #Sensex gained 240 points to 62,787 & #Nifty rose 60 points to close at 18,594

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/bEYfLtQmmH

— ABP LIVE (@abplive) June 5, 2023

In the broader market, the BSE Midcap index gained 0.3 per cent, while Smallcap index rose 0.5 per cent.

On the sectoral front, auto and capital goods indices rose 1 per cent each, while some selling was seen in the information technology and FMCG names. On the downside, the Nifty FMCG and PSU bank indices slipped 0.4 per cent each.

In the previous session on Friday, the S&P BSE Sensex, which swung in a range of 340-odd points, ended with a gain of 119 points at 62,547. On the other hand, the NSE Nifty 50 gained 46 points at 18,534.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended in the green. Equity markets in Europe were trading on a mixed note. 

The US markets ended significantly higher on Friday. US President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt.

India's services sector growth eased slightly in May, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins, a monthly survey said on Monday.

Global oil benchmark Brent crude jumped 1.92 per cent to $77.59 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 658.88 crore on Friday, according to exchange data.

Meanwhile, the rupee fell 29 paise to close at 82.68 (provisional) against the US dollar on Monday, weighed down by the strength of the American currency in the overseas market.

At the interbank foreign exchange, the domestic unit opened at 82.47 against the dollar, and finally settled at 82.68 (provisional), down 29 paise from its previous close.

During the day, the rupee touched a high of 82.45 and a low of 82.68 against the greenback. On Friday, the rupee had settled at 82.39 against the dollar.