Stock Market: Sensex Rises 345 Points, Nifty Closes Around 18,600. Auto, Banks Rally. IT Drags

Stock update: On the 30-share Sensex platform, M&M closed higher at 3.71 per cent, followed by Titan, Tata Steel, SBI, HDFC, UltraCemco, IndusInd Bank, ITC, and others

The two key equity benchmarks, Sensex and Nifty, on Monday closed in the green tracking positive global sentiment after the US reached a tentative deal to raise the borrowing limit for two years while capping spending over that time. The S&P BSE Sensex rallied past the 63,000-mark to a high of 63,026 on Monday.

Finally, the BSE benchmark settled 345 points higher at 62,846. On the other hand, the NSE Nifty, which hit a high of 18,641, and ended at 18,599, up 99 points. The Bank Nifty hit a fresh all-time high at 44,483. The banking index eventually ended 0.7 per cent higher at 44,312.

On the 30-share Sensex platform, M&M closed higher at 3.71 per cent, followed by Titan, Tata Steel, SBI, HDFC, UltraCemco, IndusInd Bank, ITC, and others. On the flipside, HCL, PowerGrid, Maruti, Wipro, TCS, Sun Pharma were among the losers.

In the broader markets, the BSE Midcap index rose 0.4 per cent and the Smallcap index added 0.3 per cent.

Among sectors, except IT and oil & gas, all other sectoral indices ended in the green with metal index up 1 per cent.

In the previous session on Friday, the BSE Sensex surged 629 points to end at 62,502. On the other hand, the NSE Nifty50 settled at 18,499, up 178 points.

In Asian markets, Tokyo, and Shanghai ended in the green, while Hong Kong settled lower. European markets were trading mostly lower. The US market ended with significant gains on Friday.

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 350.15 crore, according to exchange data.

Global oil benchmark Brent crude dipped 0.17 per cent to $76.82 a barrel.

Meanwhile, the rupee depreciated 4 paise to close at 82.64 (provisional) against the US dollar on Monday, tracking a strong American currency against major rivals overseas. However, a firm trend in domestic equities, foreign capital inflows and lower crude prices restricted the fall in the domestic unit, forex traders said.

At the interbank foreign exchange market, the local unit opened strong at 82.57 against the US dollar. During intra-day, the Indian currency touched the peak of 82.51 and the lowest level of 82.67.

The currency finally settled at 82.64 (provisional) against the US dollar, registering a fall of 4 paise over its previous close. On Friday, the rupee closed at 82.60 against the US currency.