Markets close higher for 2nd day in row boosted by buying in index heavyweights Reliance, ICICI Bank and M&M

The rupee depreciates by 24 paise to close at 82.63 against the US dollar

MUMBAI: Benchmark indices Sensex and Nifty closed higher for the second straight session on Monday, boosted by buying in index heavyweights Reliance Industries, ICICI Bank and M&M stocks amid a positive trend in global markets.

The 30-share BSE Sensex climbed 240.36 points or 0.38 per cent to settle at 62,787.47. During the day, it jumped 396.09 points or 0.63 per cent to 62,943.20.

The NSE Nifty advanced 59.75 points or 0.32 per cent to end at 18,593.85.

From the Sensex pack, Mahindra & Mahindra climbed 3.81 per cent and Axis Bank advanced 2.68 per cent, followed by Tata Motors, Larsen & Toubro, Tata Steel,

ICICI Bank, Reliance Industries, Maruti, IndusInd Bank and Sun Pharma.

Asian Paints, Tech Mahindra, Nestle, Hindustan Unilever,

Kotak Mahindra Bank and ITC were among the laggards.

In the broader market, the BSE smallcap gauge climbed 0.51 per cent, and the midcap index gained 0.29 per cent.

Among the indices, auto jumped 1.23 per cent, capital goods climbed 1.14 per cent, industrials (1.07 per cent), utilities (0.91 per cent) and services (0.56 per cent).

IT and teck laggards.

“Majority of the sectors ended in the green, except FMCG, IT, and PSU Bank. Auto and Private Banks were top gainers among the sectors.

“Nifty is gradually inching higher towards its life highs supported by smart gains index heavyweights. Auto and financials are likely to be in focus ahead of the RBI policy meeting this week and are expected to remain in momentum,” said Siddhartha Khemka, Head - were the

Retail Research, Motilal Oswal Financial Services Ltd.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green.

Equity markets in Europe were trading on a mixed note. The US markets ended significantly higher on Friday.

The rupee fell 24 paise to close at 82.63 against the US dollar on Monday, weighed down by the strength of the American currency in the overseas market.

Global oil benchmark Brent crude jumped 1.92 per cent to $77.59 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 658.88 crore on Friday, according to exchange data.