Sensex, Nifty climb over 1% amid firm global market trends

Benchmark stock indices Sensex and Nifty spurted over 1% at close on Monday following buying in IT, oil and gas and banking shares bolstered by firm global trends.

Rising for a second straight session, the 30-share BSE Sensex rallied 760.37 points or 1.41% to settle at 54,521.15. During the day, it jumped 795.88 points or 1.48% to 53,760.78.

The broader NSE Nifty advanced 229.30 points or 1.43% to 16,278.50 as 41 of its constituents advanced.

Among the Sensex constituents, IndusInd Bank, Infosys, Tech Mahindra, Bajaj Finserv, Axis Bank, UltraTech Cement, Kotak Mahindra Bank and ICICI Bank were the major gainers.

Dr Reddy’s Lab, HDFC Bank, Maruti, Mahindra & Mahindra, Nestle, Hindustan Unilever and HDFC were the laggards.

“Indian markets opened on positive note following positive overall Asian markets. During the afternoon session markets further strengthened as buying in IT, teck and capital goods stocks was seen. Gains in frontline blue-chip stocks such as Infosys, Tech Mahindra also helped to lift the markets,” said Narendra Solanki, Head Fundamental Research -Anand Rathi-Investment Services.

Meanwhile, international oil benchmark Brent crude jumped 2.18% to $103.4 per barrel.

In Asia, markets in Seoul, Shanghai and Hong Kong ended significantly higher.

Markets in Europe were trading in the green during mid-session deals. The U.S. markets had ended sharply higher on Friday.

The BSE barometer had climbed 344.63 points or 0.65% to settle at 53,760.78 on Friday and the Nifty advanced 110.55 points or 0.69% to 16,049.20.

Foreign institutional investors went in selling mode again as they offloaded shares worth ₹1,649.36 crore in the capital market on Friday, as per exchange data.