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HomeBusinessSensex Surges 760.37 Points, Nifty Settles At 16,278.50

Sensex Surges 760.37 Points, Nifty Settles At 16,278.50

The stock market hit a one-week high on Monday. At close Sensex surged 760.37 points or 1.41% at 54,521.15, and the Nifty jumped 229.30 points or 1.43% at 16,278.50.

About 2296 shares have advanced, 1077 shares declined, and 158 shares are unchanged.

All the sectoral indices ended in the green with Information Technology, PSU Bank, Metal, Power, Oil & Gas, Bank, Realty and Capital Goods indices up 1-3 percent.

BSE midcap and smallcap indices rose over 1 percent each.

The IT sector jumped over 3 percent, led by L&T Infotech, Mindtree, Infosys, Tech Mahindra, Wipro, TCS and HCL Tech.

In the metals space, the top gainers included Tata Steel, NALCO, Hindalco, Vedanta, SAIL and Hindustan Zinc which were up 2-4 percent each while.

US stocks closed sharply higher on Friday, ending days of selloffs with a rebound fuelled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.

The Dow Jones Industrial Average rose 658.09 points, or 2.15 percent, to 31,288.26, the S&P 500 gained 72.78 points, or 1.92 percent, at 3,863.16 and the Nasdaq Composite added 201.24 points, or 1.79 percent, at 11,452.42.

Asian markets are also trading in the green with Hang Seng and Kospi adding 2 percent each, while the SGX Nifty was up 199.50 points and was trading at 16,239.50 level.

US economic data released on Friday surprised to the upside, with stronger-than-expected retail sales, an uptick in consumer sentiment, lower inflation expectations and cooling import prices.

Retail sales rose 1 percent last month, the Commerce Department said. Data for May was revised up to show sales falling 0.1 percent, instead of 0.3 percent, as previously reported. Retail sales increased 8.4 percent on-year and stayed 18 percent above their pre-pandemic trend, according to the media report.

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