The Indian market extended its rally for the third straight session today amid positive global cues. Sensex rallied 1,041.08 points or 1.90 per cent to end at 55,925.74. During the day, it gained 1,197.99 points or 2.18 per cent to 56,082.65. Nifty jumped 308.95 points or 1.89 per cent to close at 16,661.40.
Titan, M&M, Infosys, Larsen & Toubro, Tech Mahindra, HCL Technologies, TCS, Reliance Industries and UltraTech Cement were the top Sensex gainers, rising up to 4.94 percent.
Kotak Mahindra Bank, Sun Pharma, Dr Reddy's and ITC were the only Sensex losers, falling up to 2.23 percent.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The sharp uptrend continued in the market for the third consecutive session on Monday and the market closed the day with hefty gains of around 308 points. After opening with an upside gap of 175 points, the Nifty moved up in the early mid part of the session. It later shifted into a narrow range movement with positive bias. The opening upside gap remains unfilled. A long bull candle was formed on the daily chart with gap up opening. Technically, this action indicates an upside breakout of the consolidation pattern at 16,400 levels. This is positive indication and signals more upside for the short term."
Market cap of BSE-listed firms climbed Rs 5.34 lakh crore to Rs 258.47 lakh crore today against Rs 253.13 lakh crore in the previous session.
S Ranganathan, Head of Research at LKP Securities said, "Benchmark indices were up 2 percent today led by IT, auto and state-owned banks buoyed by global cues, a pause in the upward trajectory of the Dollar Index and early arrival of monsoon in the state of Kerala. The broader markets too mirrored the same trend with both the Midcap and Smallcap indices rising 2% in today's trade. We did witness keen interest in Footwear, QSR and Realty stocks with many of them recording smart up-moves."
On Friday, Sensex rallied 632.13 points or 1.17 per cent to end at 54,884.66. The benchmark zoomed 684.1 points or 1.26 per cent intraday to 54,936.63. Nifty jumped 182.30 points or 1.13 per cent to close at 16,352.45.
Tech Mahindra, IndusInd Bank, Wipro, Bajaj Finance, Infosys, Bajaj Finserv, Larsen & Toubro, and HCL Technologies were the top Sensex gainers, rising up to 4.10 per cent.
Foreign institutional investors continued their selling spree as they offloaded shares worth Rs 1,943.10 crore on Friday, according to stock exchange data.
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 $119.9 per barrel.
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