Recovery in market continues as Sensex jumps 595 points, Nifty tops 19,400; investor wealth up Rs 8L cr in 3 sessions

Indian equity benchmarks on Monday settled with strong gains, extending their recovery for the third straight session. The domestic indices surged today led by strong gains in banks, financials, automobile, metals, pharma and energy stocks. The 30-share BSE Sensex pack soared 595 points or 0.92 per cent to close at 64,959; while the broader NSE Nifty index moved 181 points or 0.94 per cent up to settle at 19,412. Mid and smallcap shares finished in the green too, with the Nifty Midcap 100 up 0.88 per cent and Nifty Smallcap 100 rising 1.39 per cent. Fear index, India VIX, climbed 2.04 per cent to 11.11.

Such was the rise in the domestic bourses that nearly Rs 8 lakh crore of BSE market capitalisation (m-cap) was generated in three straight sessions. Investor wealth, as suggested by the BSE m-cap, rose Rs 7.95 lakh crore to Rs 318.17 lakh crore today compared with a valuation of Rs 310.22 lakh crore recorded on Wednesday, November 1.

On the global front, Asian markets traded on a positive note as well. Back home, buying interest in select index heavyweights such as ICICI Bank Ltd, HDFC Bank Ltd, L&T and Reliance Industries also lifted the indices higher.

13 out of the 15 sectoral indices on NSE settled in the green. Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Metal, Nifty Pharma and Nifty Oil & Gas outperformed the index by rising 0.70 per cent, 0.88 per cent, 0.79 per cent, 1.36 per cent, 1.27 per cent and 1.28 per cent, respectively. However, PSU Bank and Nifty Consumer Durables capped some gains today.

"The spread of earnings in Q2 has been decent so far and brings more attention to capital goods, financials, and auto stocks. We expect H2 FY24 will also continue the momentum, however, the tailwinds on margins are likely to moderate due to the recent uptick in commodity prices," said Vinod Nair, Head of Research at Geojit Financial Services.

On the stock-specific front, Divi's Labs emerged as the top Nifty gainer as the stock jumped 5.12 per cent to close at Rs 3,522.4. Eicher Motors, Hero MotoCorp, Axis Bank and L&T gained up to 2.62 per cent.

In contrast, SBI, Hindustan Unilever Ltd (HUL), Cipla, Tata Motors and Titan slipped up to 3.08 per cent.

Out of a total of 3,964 stocks that traded during the day on BSE, 2,452 settled with gains while 1,336 others ended lower. The rest 176 stocks stayed unchanged.

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