Markets rally as banking, finance stocks shine
Sensex ends 448 points higher while Nifty goes up by 111 pts
Mumbai: Equity benchmarks made a winning start to the week on Monday as banking and financial counters saw robust buying amid largely positive cues from global markets.
The 30-share BSE Sensex ended 448.62 points or 1.12 per cent higher at 40,431.60. The broader NSE Nifty surged 110.60 points or 0.94 per cent to finish at 11,873.05.
ICICI Bank was the top gainer in the Sensex pack, jumping 5.33 per cent, followed by Axis Bank, Nestle India, SBI, HDFC, IndusInd Bank, ONGC and Kotak Bank. On the other hand, Bajaj Auto, TCS, M&M, Bharti Airtel and Maruti were among the laggards, shedding up to 2.12 per cent.
In the Sensex pack, 23 constituents logged gains while seven closed in the red. The domestic market opened on a positive note tracking largely positive cues from global markets, traders said.
During the afternoon session markets held on to opening gains with sustained interest seen in banking, financial, oil and gas, metals and realty stocks.
Bourses in Hong Kong, Tokyo and Seoul ended on a positive note, while Shanghai closed lower after the release of China's GDP numbers.
China's economic growth accelerated to 4.9 per cent over a year earlier in the latest quarter as a shaky recovery from the coronavirus pandemic gathered strength. The economy continued the steady recovery, China's National Bureau of Statistics said in a report. However, it warned that "the international environment is still complicated and severe".
It also said China still faces great pressure to prevent a resurgence of the virus. Meanwhile, stock exchanges in Europe opened on a positive note. "Domestic markets witnessed sharp recovery in the backdrop of strong rebound in heavyweight financials space, which was in focus today led by strong numbers reported by HDFC Bank and positive commentary by the management.
Additionally, positive global cues led by strong GDP data from China also supported markets. However, Auto, Pharma and IT indexes ended in red today," said Arjun Mahajan, Head, Institutional Business at Reliance Securities.
BSE bankex, finance, oil and gas, metal, realty and FMCG indices rallied as much as 3.35 per cent, while auto, healthcare, telecom, teck and IT indices closed with losses. Broader BSE midcap and smallcap indices climbed up to 0.58 per cent.