Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

Sensex logs biggest one-day gain since July, Nifty zooms past 10,400

Broader BSE Midcap and Smallcap indices trailed BSE benchmark Sensex.

Updated: Mar 12, 2018, 07.32 PM IST
Watch: Sensex soars 611 pts, Nifty50 ends above 10,400
Watch: Sensex soars 611 pts, Nifty50 ends above 10,400
NEW DELHI: The bulls finally gained an upper hand on Dalal Street, as the domestic stock market jumped nearly 2 per cent on Monday, on across the board buying amid bullish global cues.

The 30-share Sensex gained 611 points or 1.83 per cent to close at 33,918 on Monday. The Nifty50 index closed 195 points or 1.90 per cent up at 10,421.

While positive global cues provided the fuel for the rally, market participants embarked on low level buying ahead of macro data -- January IIP and February CPI inflation – scheduled to be released after market hours.

“It was an exceptional day for the equity market, as Nifty gained 2 per cent to zoom past the 10,400-level, while Sensex surged over 600 points. Short covering in latter half of the session triggered fresh momentum and almost all the sectoral indices participated in the upmove,” said Jayant Manglik, President, Religare Broking.

“It was indeed a surprise upmove, but sustainability above 10,400 will be crucial for further recovery. Participants will react to macroeconomic data -- IIP and CPI inflation -- in early trade on Tuesday. We suggest traders limiting leveraged positions and continuing with stock specific trading approach,” he added.

Broader BSE Midcap and smallcap indices trailed BSE benchmark Sensex and closed 0.76 and 0.56 per cent higher, respectively.

Out of 50 stocks in Nifty, 47 settled in the green, while only 3 -- Coal India, Aurobindo Pharma and Tech Mahindra -- closed in the red in the Nifty50 index.

Bharti Airtel (up 5 per cent) was at the top of gainers list in Nifty50. It was followed by NTPC and ITC, both gaining over 4 per cent.

Shares of Bharti Airtel surged after it reported that it has received an approval from the board to raise up to Rs 16,500 crore for refinancing debt and paying for spectrum liabilities.

Nifty PSU Bank remained the lone loser among the sectoral indices on NSE, dragged by losses in IDBI Bank, Andhra Bank, Bank of India and Punjab National Bank.

Shares of Andhra Bank plunged on Monday after the Enforcement Directorate on Friday filed a chargesheet against former Andhra Bank director Anup Prakash Garg in connection with Rs 5,000 crore bank fraud involving Sterling Biotech Ltd (SBL) of the Sandesara group of companies.

Meanwhile, as many as 139 stocks including Allahabad Bank, Andhra Bank, Canara Bank, Punjab National Bank, Punjab & Sind Bank, Syndicate Bank and Tata Motors hit fresh 52-week lows on NSE during Monday's trade, defying bullish market stance.

Global stocks were in the green after US job data boosted sentiment. Asian peers Hang Seng and Nikkei rose up to 2 per cent.

Also Read

YES Bank shares fall 2% on Sensex rejig

Sensex, Nifty trade lower; Infosys slips 3%

Why is Sensex rallying despite poor health of the economy?

Sensex, Nifty open with gains; Infosys plunges

Sensex plunges 334 pts as fiscal deficit concerns spook investors

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service