Stock Market: Sensex Sensex Surges 465 Points, Nifty Settles At 17,525; SBI Sinks 2 Per Cent

Stock update: M&M was the biggest gainer, climbing 3.13 per cent, followed by Bajaj Finserv, NTPC, Axis Bank, HDFC Bank, Larsen & Toubro, HDFC, Dr Reddy's, IndusInd Bank, and Reliance on the BSE

In the broader markets, the BSE MidCap and SmallCap indices edged 0.3 per cent higher each.

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Sensex and Nifty, the two equity benchmarks, on Monday ended day's trade in the green amid a broad-based rally, tracking gains in index majors HDFC twins and Reliance Industries amid positive global market trends.

The BSE Sensex climbed 465 points (0.80 per cent) to finish at 58,853, while the broader NSE Nifty gained 127 points (0.73 per cent) to end at 17,525.

On the 30-share BSE platform, Mahindra & Mahindra was the biggest gainer, climbing 3.13 per cent, followed by Bajaj Finserv, NTPC, Axis Bank, HDFC Bank, Larsen & Toubro, HDFC, Dr Reddy's, IndusInd Bank, and Reliance Industries. On the flip side, State Bank of India (1.95 per cent), UltraTech Cement, Nestle, Wipro and Power Grid were among the major laggards.

In the broader markets, the BSE MidCap and SmallCap indices edged 0.3 per cent higher each.

Sectorwise, the Nifty PSU Bank index slipped 0.4 per cent, followed by the Nifty IT index (down 0.02 per cent). All other indices clocked gains. 

On the 30-share Sensex platform, 20 scrips advanced, while rest 10 declined.  

"Sustained FII buying and falling oil prices are the major drivers for the ongoing market rally. Heavyweights played a significant role in today's rise, while PSU banks remained under pressure following weak results of the PSB major," said Vinod Nair, Head of Research at Geojit Financial Services. 

In the previous session on Friday, the BSE benchmark ended 89 points (0.15 per cent) higher at 58,387, while the Nifty went up by 15 points or (0.09 per cent) to end at 17,397.

Indian markets will remain close on Tuesday for a holiday.

In Asian markets, Seoul, Shanghai, and Tokyo ended higher, while Hong Kong settled with losses. European bourses were trading in the green during mid-session deals. The US markets had ended mostly lower on Friday.

Meanwhile, international oil benchmark Brent crude declined 0.68 per cent to $94.32 per barrel.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,605.81 crore on Friday, as per exchange data.