Late rally pares early losses
Equity benchmark Sensex rallied 478 points on Monday after gains in index majors HDFC, Infosys and Kotak Bank despite a negative trend in the global markets.
image for illustrative purpose
Gains after long week-end
- BSE Sensex 477.99 pts higher at 60,545.61
- NSE Nifty surged 151.75 pts to 18,068.55
- M&M, SBI, Maruti, Asian Paints and TCS were also among the laggards
- Investors in wait n watch mode ahead of US Fed Consumer data
- BSE oil and gas, consumer durables, power, capital goods and utilities indices up
- Healthcare and bankex ended in the red
Mumbai: Equity benchmark Sensex rallied 478 points on Monday after gains in index majors HDFC, Infosys and Kotak Bank despite a negative trend in the global markets.
After a volatile session, the 30-share index ended 477.99 points or 0.80 per cent higher at 60,545.61. The broad-based Nifty surged 151.75 points or 0.85 per cent to 18,068.55 as 40 of its constituents ended with gains.
Vinod Nair, head (research) at Geojit Financial Services said: "Despite a muted opening, domestic indices erased early losses boosted by favourable macros like fuel rate tax-cut, improved PMI numbers and higher festive season sales numbers. On the global front, the Fed policy announcement was in line with the market view to start with gradual tapering which boosted the sentiments of emerging markets. Additionally, investors remained a bit cautious ahead of the US consumer data, which is to be released later this week." Narendra Solanki, head (equity research-fundamental), Anand Rathi Shares, added that traders took support of the statement by industry chamber PHDCCI that "India's economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments. However, upside remain capped as western markets opened flat as investors await inflation readings in US slated to be released on Tuesday."
