Sensex climbs 465 points; Nifty above 17,500

Equity benchmark Sensex jumped over 465 points on August 8, tracking gains in index majors HDFC twins and Reliance Industries amid positive global market trends.

The 30-share BSE gauge climbed 465.14 points or 0.80% to finish at 58,853.07. During the day, it jumped 546.97 points or 0.93% to 58,934.90.

The broader NSE Nifty gained 127.60 points or 0.73% to end at 17,525.10.

Mahindra & Mahindra was the biggest gainer from the Sensex pack, 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.

State Bank of India, UltraTech Cement, Nestle, Wipro and Power Grid were among the major laggards.

In Asia, markets in Seoul, Shanghai and Tokyo ended higher, while Hong Kong settled with losses.

European bourses were trading in the green during mid-session deals. The U.S. markets had ended mostly lower on Friday.

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

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

“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.