Sensex, Nifty Rise More Than 1 Percent, Snap Three-Day Losing Streak
MUMBAI — India’s benchmark stock indices rebounded sharply Monday, ending a three-day losing streak as gains in auto and banking stocks pushed the market higher late in the trading session.
The BSE Sensex climbed 939 points, or 1.26 percent, to close at 75,502.85. The NSE Nifty also advanced, rising 257.70 points, or 1.11 percent, to settle at 23,408.80.
Market sentiment improved toward the end of the day as investors increased buying in the auto and financial sectors, helping the major indices recover from recent losses.
Despite the rally in headline indices, broader markets lagged behind. The Nifty Midcap 100 fell 0.43 percent, while the Nifty Smallcap 100 declined 0.65 percent.
Among the Sensex components, Sun Pharma, Bharti Airtel, HCL Tech and TCS were among the top losers. In contrast, HDFC Bank, Mahindra and Mahindra, Eternal and Tata Steel were among the leading gainers.
Sectorally, auto stocks led the market’s advance, with the Nifty Auto index emerging as the best-performing sector on the National Stock Exchange. Financial stocks also supported the rally, with the Nifty Financial Services and Nifty Private Bank indices closing higher.
Real estate stocks underperformed, however, with the Nifty Realty index finishing as the weakest sector of the day.
Analysts said strong buying in the final hours of trading helped lift the benchmark indices into positive territory, even as midcap and smallcap stocks remained under pressure.
Market participants also remained cautious amid ongoing geopolitical tensions in West Asia and elevated crude oil prices, factors that analysts said contributed to sharp sectoral divergence and volatile intraday trading. (Source: IANS)
