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  5. Sensex, Nifty rally to nearly 4-week highs on gains in IT, oil stocks

Sensex, Nifty rally to nearly 4-week highs on gains in IT, oil stocks

The 30-share BSE Sensex rallied 1,041.08 points or 1.90 per cent to settle at a four-week high of 55,925.74. During the day, it soared by 1,197.99 points or 2.18 per cent to touch a high of 56,082.65. As many as 26 Sensex stocks ended in the green.  

PTI Reported by: PTI Mumbai Published on: May 30, 2022 17:44 IST
Kotak Mahindra Bank, Sun Pharma, Dr Reddy's and ITC were
Image Source : PTI

Kotak Mahindra Bank, Sun Pharma, Dr Reddy's and ITC were the laggards.

 

Benchmark stock indices Sensex and Nifty surged by nearly 2 per cent on Monday, extending their winning run to a third straight day on gains in index major Reliance Industries, Infosys and TCS amid a firm trend in global equities.

The 30-share BSE Sensex rallied 1,041.08 points or 1.90 per cent to settle at a four-week high of 55,925.74. During the day, it soared by 1,197.99 points or 2.18 per cent to touch a high of 56,082.65. As many as 26 Sensex stocks ended in the green.

The broader NSE Nifty jumped 308.95 points or 1.89 per cent to settle at nearly four-week high of 16,661.40 with 45 of its constituents ending with gains.

In the three day rally to Monday, Sensex jumped by 4 per cent or 2,176 points while Nifty soared by 635 points or 3.92 per cent.

Reports of early onset of monsoon in Kerala and gains in global equities following easing inflation concerns and less hawkish tone of the US Federal Reserve in the recently released minutes boosted the investor sentiment.

Among Sensex stocks, Titan rose the most by 4.94 per cent. Mahindra & Mahindra rallied 4.69 per cent, Infosys by 4.57 per cent, L&T by 3.77 per cent and Rech Mahindra by 3.5 per cent.

Index heavyweight RIL soared by 3.44 per cent, and TCS by 3.47 per cent. HCL Technologies, UltraTech Cement, Wipro, and Bharti Airtel were also among leading gainers.

In contrast, Kotak Mahindra Bank, Sun Pharma, Dr Reddy's and ITC were the laggards.

"Markets ended the 3-week long consolidation phase and gained over 2%, tracking firm global cues," Ajit Mishra, VP - Research, Religare Broking Ltd said.

"Markets have regained some strength citing the less hawkish tone of the US Fed in the recently released meeting minutes. On the domestic front, the early onset of monsoon has further lifted sentiments," he said.

Vinod Nair, Head of Research at Geojit Financial Services said that US stocks were boosted on softening inflation worries which will be a crucial factor in deciding the tone of the upcoming Fed policy meeting. Easing of long-running lockdown in China also helped in lifting sentiment across Asian markets.

"A near term trend reversal is visible in the domestic market, supported by valuation comfort and positive trend in the global counterparts," Nair said.

"Nifty rose for the third consecutive session on May 30 following positive global cues due to China easing Covid curbs and sharp Friday gains on the Wall street. Some local factors helping the mood include early arrival of monsoon in Kerala raising hopes of a favourable impact on agri crops," said Deepak Jasani, Head of Retail Research, HDFC Securities.

In the broader market, the BSE midcap jumped 2.28 per cent and smallcap gained 2.23 per cent.

All BSE sectoral indices ended higher, with consumer durables jumping 4.41 per cent, followed by realty (3.96 per cent), Information Technology (3.75 per cent), teck (3.53 per cent), consumer discretionary goods & services (2.85 per cent) and energy (2.72 per cent).

Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong settled with gains after China eased COVID-19 curbs on business activity in Shanghai and Beijing.

Markets in Europe were also trading in the green during the afternoon trade. Stock markets in the US ended significantly higher on Friday.

International oil benchmark Brent crude gained 0.43 per cent to USD 119.9 per barrel.

Foreign institutional investors continued their selling spree as they offloaded shares worth Rs 1,943.10 crore on Friday, according to stock exchange data. 

Also Read: How falling Rupee affects economy and a common man's pocket - EXPLAINED

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