Stock Market: Sensex Surges 847 Points, Nifty Settles At 18,101 Amid Positive Cues. IT Stocks Up 3 Per Cent

Stock update: On the 30-share Sensex platform, M&M, HCL Tech, TCS, IndusInd Bank, Bharti Airtel, Tech M, Infosys, Wipro, Reliance, Axis Bank and HUL, which rose 2-3.6 per cent

The two key equity benchmarks, Sensex and Nifty, snapped a three-day losing streak on Monday tracking positive global cues. The domestic indices throughout the day traded in the green as upbeat economic data in the US lifted global stocks and investor sentiment. The benchmark indices closed 1.41 per cent higher, prompting bullish bets from investors. 

The BSE Sensex jumped 989 points to the day's high, eventually ended 847 points higher at 60,747. On the other hand, the broader NSE Nifty closed at 18,101 with a gain of 242 points.

On the 30-share Sensex platform, M&M, HCL Tech, TCS, IndusInd Bank, Bharti Airtel, Tech M, Infosys, Wipro, Reliance, Axis Bank and HUL, which rose 2-3.6 per cent. On the flip side, Titan, Bajaj Finserv, Maruti, Bajaj Auto, HDFC Life, and Grasim were among the few losers.

Among buzzing stocks, Kalyan Jewellers ended 4 per cent higher after the company's consolidated revenue grew 13 per cent in the December quarter (Q3FY2023) as compared to the same period last year.

Shares of Vodafone Idea hit a 52-week low before closing 5 per cent lower on the BSE. According to a media report, the Department of Telecommunications (DoT) is now looking at the financials and the operations of the company to ascertain its health.

In the broader markets, the BSE Midcap and Smallcap indices closed 0.9 per cent and 0.5 per cent up, respectively.

Within sectors, Nifty IT gained the most, up 3 per cent, followed by oil & gas, metal, auto PSB indices that logged in over 1 per cent gains each.

Meanwhile, the rupee gained 29 paise to close at 82.37 (provisional) against the US dollar on Monday, supported by a weaker greenback overseas and a firm trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 82.41 and touched an intra-day high of 82.25 and a low of 82.44 against the greenback.

It finally ended at 82.37 (provisional), registering a rise of 29 paise over its previous close. On Friday, the rupee settled at 82.66 against the dollar.

Global oil benchmark Brent crude futures rose 3.27 per cent to $81.14 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 2,902.46 crore, according to exchange data.