Sensex, Stock Market Today: Sensex surges 465 factors, Nifty settles above 17,500-mark

Stock Market Today: The benchmark fairness indices on the BSE and National Stock Exchange (NSE) rose for the second consecutive session to settle over 0.7 per cent on Monday.

The S&P BSE Sensex surged 465.14 factors (0.80 per cent) to finish at 58,853.07, whereas the Nifty 50 settled at 17,525.10, up 127.60 factors (0.73 per cent). Both the indices had opened on a uneven word however traded constructive because the commerce progressed.

On the Sensex pack, Mahindra & Mahindra (M&M), Bajaj Finserv, HDFC Bank, Axis Bank, Larsen & Toubro (L&T), NTPC, Housing Development Finance Corporation (HDFC), Dr. Reddy’s Laboratories, IndusInd Bank and Reliance Industries (RIL) had been the highest gainers on Monday. In distinction, State Bank of India (SBI), UltraTech Cement, Nestle India, Wipro, Power Grid Corporation of India and Asian Paints had been the highest losers.

Among sectoral indices on NSE, the Nifty Metal index climbed 1.29 per cent whereas the Nifty Private Bank rose 1.23 per cent. The Nifty Auto index gained 0.97 per cent and Nifty Financial Services inched 0.93 per cent.

In the broader market, the S&P BSE MidCap index ended at 24,555.98, up 76.93 factors (0.31 per cent) and the S&P BSE SmallCap settled at 27,682.44, up 77.36 factors (0.28 per cent). On NSE, the volatility index or India VIX rose 2.04 per cent to 19.30.

“Sustained FII buying and falling oil prices are the major drivers for the ongoing market rally. Heavyweights played a significant role in today’s rise, while PSU banks remained under pressure following weak results of the PSB major. Western markets continued to gain after strong US job numbers allayed worries of a recession. The week ahead is busy in terms of economic data with the domestic investors gearing up for the release of the inflation numbers along with the manufacturing production data to gauge the strength of the economy,” stated Vinod Nair, Head of Research at Geojit Financial Services.

Global Markets (from Reuters)

Shares gained floor on Monday, recovering their footing after a robust US jobs report final week bolstered the case for extra super-sized rate of interest hikes, whereas the greenback weakened and authorities bond yields fell.

Markets rapidly moved to cost an opportunity of about 70 per cent that the US Federal Reserve would elevate charges by 75 foundation factors in September, sending two-year yields up 20 foundation factors on Friday and additional inverting the curve.

But the broad Euro STOXX 600 gained as a lot as 0.8 per cent in early commerce, led by cyclical and progress shares, serving to recuperate losses from Friday sparked by the US jobs report. Miners and know-how, hit onerous within the earlier week, led early good points. The MSCI world fairness index, which tracks shares in 47 nations, added 0.2 per cent, recovering losses of the identical quantity seen on Friday.

S&P 500 futures and Nasdaq futures had been up 0.3 per cent and 0.4 per cent, respectively. The S&P 500 had ended decrease on Friday, weighed down by tech shares.