Market Closing: Sensex Has Surged 700 Points & Nifty Up 190 Points

The Indian markets bounced back on Monday to end in green. Sensex surged above 709.96 points (1.16 per cent) to end at 61,764.25 and Nifty too breached the 18,264.40 mark, it was up 195.40 points (1.08 per cent) while closing.

After the previous week ended low due to twin HDFC fall, Monday's session was a comeback. Indian markets recovered due to financials, strong domestic earnings, and on improved sentiment following robust economic data from the United States.

As per a Livemeint report according to stock market experts, Indian stock market was up due to weakness in US dollar and looming economic slowdown concerns raised by the US Fed officials in recent FOMC meeting. Thus it is expected that FIIs would buy in bulk in Indian equities, especially in the auto, banking, and capital goods segments.

Most of the private banks declared strong financial earnings in Q4 and the market is expecting sustained credit growth in Indian banks. Therefore, both FIIs and DIIs are expected to pump money into the banking segment. Hence Private Bank Nifty and Auto Nifty gained the most today by 1.79 and 1.70 per cent in the trade among the sectoral indexes, besides the broad base indexes.

A total of 1201 stocks adavned and 863 stocks decled on NSE today. 42 stocks advanced and 8 declined stocks declinedd on Nifty, while 27 stocks advanced and 3 declined on Sensex.

IndusInd Bank, Tata Motors and Bajaj Finance were top gainers on Sensex and Nifty. The stocks rallied by nearly 4 to 5 per cent and the stock of Sun Pharma was the biggest loser to plunge around 1 per cent on both the indexes. Coal India and Adani enterprises were top two losers on Nifty along with Sun Pharma to decline nearly 2 per cent, while Nestle India and L&T were two other stocks to fall the most on Sensex.