Mkts rise for 2nd day on buying in IT stocks

Mumbai: Benchmark equity indices Sensex and Nifty rallied for the second straight session on Monday following encouraging domestic macroeconomic data amid a firm trend in global markets. Fresh foreign fund inflows and intense buying in IT and commodity stocks also bolstered sentiment, traders said.

The BSE benchmark Sensex climbed 240.98 points or 0.37 per cent to settle at 65,628.14. During the day, it jumped 296.75 points or 0.45 per cent to 65,683.91. The Nifty rose 93.50 points or 0.48 per cent to end at 19,528.80.

“Recent domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit-booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment,” said Vinod Nair, Head (Research) at Geojit Financial Services.

Wipro was the biggest gainer in the Sensex pack, rising 4.34 per cent, followed by HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India. Mahindra & Mahindra, ITC, Axis Bank, Nestle, Kotak Mahindra Bank and Asian Paints were among the laggards.

In the broader market, the BSE midcap gauge climbed 0.96 per cent, and smallcap index gained 0.84 per cent.