Sensex Surges 379 Points, Nifty Settles At 10,987; Mid, Small-Caps Outperform
Domestic equity benchmarks rose for a second session in a row sidelining US-India trade concerns. US President Donald Trump looked set to open a new front in his trade wars on Monday with a plan to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States. The S&P BSE Sensex ended 1.05 per cent or 379 points higher at 36,442.54 and the NSE Nifty 50 Index climbed 1.14 per cent or 124 points to close at 10,987.45.
Earlier in the day, Sensex and Nifty opened on a tepid note but build on the gains led by heavyweights like ICICI Bank, HDFC Bank, Axis Bank and ITC.
Seventeen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Auto Index's over 3 per cent gain. Metal, power, oil & gas, consumer durables, industrials, consumer discretionary goods & services and basic materials indexes also rose over 2 per cent each. On the flipside, S&P BSE Information Technology Index was top loser, down 1 per cent.
Buying interest was broad-based in today's session as the mid- and small-cap indexes outperformed their larger peers. The S&P BSE MidCap Index rose 2.01 per cent and the S&P BSE SmallCap Index climbed 3.11 per cent.
Indiabulls Housing Finance was the top gainer in the Nifty 50 basket of shares. The stock jumped 10 per cent to Rs 739.15. Tata Motors surged over 7 per cent to settle at Rs 193.40 after it denied media reports that it was exploring options for its ailing luxury car unit Jaguar Land Rover Automotive Plc. Eicher Motors, Hindustan Petroleum, Bharat Petroleum, Axis Bank and Hero MotoCorp were also among the gainers.
On the other hand, Wipro, Tech Mahindra, Infosys, Zee Entertainment, Cipla and Hindustan Unilever were among the laggards on the NSE.
The overall market breadth was extremely positive as 2,124 shares ended higher while 560 closed lower on the BSE.
(With inputs from Reuters)
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