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.
Domestic markets, Sensex and Nifty ended with lifetime high on a Monday, tracking gains in ICICI Bank, L&T and Kotak Bank amid persistent foreign fund inflows and a largely positive trend in global markets.
After touching its record intra-day peak of 46,373.34 during the day, the S&P BSE index ended 154.45 points or 0.34 per cent higher at 46,253.46.
Similarly, the broader NSE Nifty rose 44.30 points or 0.33 per cent to close at a record 13,558.15. It hit a lifetime high of 13,597.50 during the session.
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ONGC was the top gainer in the Sensex pack, rallying around 5 per cent, followed by L&T, NTPC, ICICI Bank, Sun Pharma, HCL Tech, Titan and Kotak Bank.
On the other hand, M&M, Bajaj Auto, Tech Mahindra and Bajaj Finserv were among the laggards.
Domestic equities remained firm and witnessed fresh record highs mainly supported by continued rebound in PSU banks, said Binod Modi, Head-Strategy at Reliance Securities.
Barring auto, most of the sectoral indices traded in positive range, he said, adding that volatility index shot up sharply, indicating unease about current valuations of the market.
“PSU stocks remained in flavour as valuations comfort, favourable dividend yields and emerging clarity over efficient capital employment continued to attract investors,” he stated.
In the broader market, the BSE MidCap and SmallCap ended with gains at 0.79 per cent and 0.74 per cent respectively.
Further, positive data flows along with persistent foreign fund flows have been quite supportive for the markets.
Foreign portfolio investors (FPIs) remained net buyers in the capital markets as they purchased shares worth Rs 4,195.43 crore on Friday, according to provisional exchange data.
Elsewhere in Asia, bourses in Shanghai and Tokyo ended on a positive note, while Hong Kong and Seoul were in the red.
Stock exchanges in Europe were trading with gains in early deals.
Meanwhile, global oil benchmark Brent crude futures rose 1 per cent to USD 50.47 per barrel.
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