Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Heavy selling pressure in IT, energy and banking and financial stocks dragged the Sensex down by 482 points on Monday.
The 30 stock S&P BSE Sensex slumped 482.61 points or 0.81 per cent to 58,964.57 points against its previous session’s close at 59,447.18 points. Earlier, the Sensex started the day in the red at 59,333.18 points and slumped to a low of 58,894.40 points in the intra-day.
The Sensex had gained 412.23 points or 0.70 per cent on Friday after the Reserve Bank of India (RBI) kept key policy rates unchanged in its first monetary policy review of the current financial year, reported ANI.
The broader Nifty 50 of the National Stock Exchange fell 109.40 points or 0.62 per cent to 17,674.95 points against its previous session’s close at 17,784.35 points. The Nifty had gained 144.80 points or 0.82 per cent on Friday.
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There was heavy selling pressure in IT stocks. HCL Technologies slumped 2.73 per cent to Rs 1133.80. Infosys slipped 2.67 per cent to Rs 1766.65. Wipro fell 2.16 per cent to Rs 571.20.
Banking and financial stocks also witnessed heavy selling. HDFC slumped 1.39 per cent to Rs 2423.85. HDFC Bank dipped 1.25 per cent to Rs 1496.20. Axis Bank fell 1.20 per cent to Rs 785.40. However, ICICI Bank rose 0.71 per cent to Rs 759.70.
The index heavyweight Reliance Industries closed 0.27 per cent down at Rs 2609.80. L&T slumped 2.72 per cent to Rs 1780.60.
Only seven of the 30 scrips that are part of the Sensex closed in the positive. ICICI Bank, NTPC, Tata Consultancy Services, Ultra Tech Cement, and Nestle India were among the major Sensex gainers.
(ANI inputs)
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