Sensex, Nifty rally to nearly 4-week highs on gains in IT, oil stocks

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Photo source: PTI

Kotak Mahindra Bank, Sun Pharma, Dr Reddy’s and ITC were behind.

The benchmark stock index Sensex and the Nifty rose nearly 2 percent on Monday, extending their winning streak for the third day in a row on gains at the main Reliance Industries, Infosys and TCS amid strong global equity trends.

The 30-share BSE Sensex rose 1,041.08 points, or 1.90 per cent, to a four-week high of 55,925.74. During the day, it rose 1,197.99 points, or 2.18 percent, to a high of 56,082.65. 26 Sensex stocks ended green.

The broader NSE Nifty jumped 308.95 points, or 1.89 percent, to settle at a nearly four-week high of 16,661.40, ending with a 45-point gain.

In the three-day rally since Monday, the Sensex has jumped 4 percent or 2,176 points while the Nifty has risen 635 points or 3.92 percent.

News of the onset of monsoon in Kerala and reports of gains in global equities have boosted investor sentiment after the US Federal Reserve’s low-key tone in the recently released minutes and easing of inflation concerns.

Among Sensex stocks, Titan rose the most at 4.94 percent. Mahindra & Mahindra rose 4.69 per cent, Infosys 4.57 per cent, L&T 3.77 per cent and Rech Mahindra 3.5 per cent.

The index heavyweight RIL rose 3.44 percent, and the TCS rose 3.47 percent HCL Technologies, Ultratech Cement, Wipro, and Bharti Airtel were also among the top gainers.

In contrast, Kotak Mahindra Bank, Sun Pharma, Dr Reddy’s and ITC were lagging behind.

“Markets have completed a 3-week consolidation period and gained more than 2%, tracking strong global signals,” said Ajit Mishra, VP-Research, Religare Broking Limited.

“Markets have regained some strength, citing the low tone of the US Fed in the recently released meeting minutes. On the domestic front, the feeling of early onset of monsoon has further lifted,” he said.

Binod Nair, head of research at Geogit Financial Services, said US stocks were raised to soften inflation concerns, which could be a key factor in setting the tone for the upcoming Fed policy meeting. Relieving the long-standing lockdown in China has also helped lift sentiment across Asian markets.

“A near-term trend is visible in the retrospective domestic market, supported by the ease of valuation and the positive trend of global rivals,” Nair said.

“The Nifty rose for the third straight session on May 30 due to positive global signals due to China’s Cowid resistance and sharp Friday gains on Wall Street. Some local factors contributing to the mood are expected to have a positive effect on the early arrival of monsoon in Kerala,” said Deep. Research, HDFC Securities 6

In broader markets, the BSE Midcap jumped 2.28 percent and the Smallcap rose 2.23 percent.

All BSE sectoral indices finished higher, with consumer durables jumping 4.41 percent, followed by realty (3.96 percent), information technology (3.75 percent), tech (3.53 percent), consumer goods and services (2.85 percent) and energy (2.72 percent). .

Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong have settled profitably, while China has eased COVID-19 control of business activity in Shanghai and Beijing.

European markets also traded green during the afternoon trade. US stock markets rose significantly on Friday.

International oil benchmark Brent crude rose 0.43 percent to 9 119.9 a barrel.

Foreign institutional investors continued their sell-off on Friday as shares offloaded 1,943.10 crore shares, according to the stock exchange.

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