Sensex, Nifty extend gains to 3rd day on global stocks rally

MUMBAI: Benchmark stock indices Sensex and Nifty rose for a third straight day on Monday amid positive trends in the US markets and continuous foreign fund inflows.

Rising for a third session, the 30-share BSE Sensex climbed 344.69 points or 0.55 per cent to settle at 62,846.38 as 20 of its constituents ended in the green. During the day, it jumped 524.31 points or 0.83 per cent to 63,026.

The broader NSE Nifty gained 99.30 points or 0.54 per cent to end at 18,598.65 with 34 of its components closing in green. In the three days of gains, Sensex rose by 1,072 points or 1.8 per cent while Nifty spurted by 313 points or 2 per cent. From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23.

Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers.

HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggard.

“The domestic benchmarks experienced a strong rally and came close to life-time highs, primarily driven by positive global cues and robust predictions of domestic economic growth..

“An in-principle approval from US leaders for raising the US debt ceiling has generated optimism among global investors, who are now anticipating the next monetary plan of the Fed and economic data points,” said Vinod Nair, Head of Research at Geojit Financial Services.

“On Monday, the benchmark indices showed positive growth supported by global cues. Metal, realty, and financial sectors saw increased buying activity, whereas IT stocks experienced profit-booking at higher levels during the day,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd..

Among the indices, consumer durables jumped 1.58 per cent, metal climbed 1.38 per cent, financial services (0.81 per cent), realty (0.80 per cent), commodities (0.79 per cent) and auto (0.63 per cent).

Oil & Gas, IT, teck and energy were the laggards.

Meanwhile, India beat France to reclaim its position as the fifth largest stock market in the world with a market cap of $3.31 trillion, as per an agency report.