Stock Market: Sensex Rises 415 Points, Nifty Settles Above 17,700 On Positive Global Cues. IT, Auto Gain

Stock update: On the 30-share Sensex platform, Tata Motors, NTPC, Power Grid, Bajaj twins, Infosys, Asian Paints were among the lead gainers

The two key equity benchmarks, Sensex and Nifty, ended in the green tracking positive global cues. The domestic indices jumped 0.7 per cent each on Monday.

The S&P BSE Sensex closed at 60,224, up 415 points. On the other hand, the Nifty50 advanced 117 points to close at 17,711. However, the indices were below their intra-day highs of 60,498.5, and 17,799.95, respectively.

On the 30-share Sensex platform, Tata Motors, NTPC, Power Grid, Bajaj twins, Infosys, Asian Paints were among the lead gainers. On the flip side, Tata Steel, L&T, IndusInd Bank, Sun Pharma, ICICI Bank, UltraCemco emerged prime laggards.

The BSE Midcap index rose 0.7 per cent, while Smallcap index added nearly a per cent.

Among sectors, except metal, realty, and PSU Bank, all other sectoral indices ended in the green. The Nifty IT index were the top performing index (up over 1.2 per cent), followed by the Nifty Auto index (up 1 per cent).

In the previous session on Friday, the Sensex surged to a high of 59,967, and ended with a gain of 900 points at 59,809, while the NSE Nifty 50 touched a high of 17,645, before signing-off at 17,594, up 272 points. The Nifty was up 128 points for the week.

Vinod Nair, Head of Research at Geojit Financial Services, said, "The major concerns that prevailed in the market during the previous weeks were the fear of aggressive Fed policy action, which led to a rise in treasury yields and US dollar, and the uncertainties surrounding Adani. All of these have now shifted in favour of the bulls, as US officials reduced the likelihood of a sharp rate hike, forcing yields and the dollar index to moderate."

Among global markets, stocks in Asia and Europe advanced after strong data on the US economy sent Wall Street to its best close in six weeks. Germany's DAX gained 0.4 per cent and France's CAC 40 rose by 0.7 per cent. London's FTSE 100 edged 0.1 per cent lower. In Asian trading, Hong Kong's Hang Seng index gained 0.2 per cent, Tokyo's Nikkei 225 by 1.1 per cent and the Kospi in Seoul by 1.3 per cent.

Foreign Portfolio Investors (FPIs) were net buyers, with investments worth Rs 246.24 crore on Friday, according to data with the BSE.

Global oil benchmark Brent crude futures declined 0.77 per cent to $81.17 per barrel.

Markets will remain closed on Tuesday for the Holi festival.

Meanwhile, the rupee appreciated by 5 paise to close at 81.92 (provisional) against the US dollar on Monday, as a positive trend in domestic equities and fresh foreign fund inflows boosted investor sentiments.

At the interbank foreign exchange market, the local unit opened at 81.85 against the American currency and finally settled at 81.92 (provisional) against the greenback, registering a gain of 5 paise over its previous close of 81.97. During the trading session, the rupee touched a high of 81.62 and a low of 81.95 against the dollar.