Market looks up on positive PMI, GST data

Mumbai: The BSE Sensex made an emphatic comeback on Monday after three sessions of heavy losses as participants returned to equities amid robust corporate earnings and positive macroeconomic data. Global markets too stayed in the positive territory ahead of key central bank meetings this week, including in the US, Britain and Australia.

Reclaiming the 60,000 level, the 30-share Sensex rallied 831.53 points or 1.40 per cent to close at 60,138.46. Similarly, the NSE Nifty rose 258 points or 1.46 per cent to 17,929.65. IndusInd Bank stole the show in the Sensex pack, surging 7.46 per cent, followed by Bharti Airtel, HCL Tech, Tata Steel, Tech Mahindra, Dr Reddy's and SBI. Market major HDFC advanced 1.74 per cent after the mortgage lender reported a 32 per cent rise in standalone net profit to Rs 3,780 crore for the September quarter Only four index constituents closed with losses -- Bajaj Finserv, M&M, Nestle India and Reliance Industries, slipping up to 1.74 per cent.

"Domestic indices bounced back on a positive footing from the recent sell-off, due to strong momentum in global markets, favourable domestic economic data and good Q2 results announcement. India's manufacturing PMI increased to 55.9 in October from 53.7 in September as output and new orders improved amid easing Covid restrictions. The sustenance of the trend will depend on the views provided by Fed regarding the current easy money policy to be announced on Wednesday," said Vinod Nair, head (research) at Geojit Financial Services