MONEY

Markets shrug off negative global news; Sensex vaults 478 points, Nifty scales 152 points

Equity benchmark BSE Sensex rallied 478 points on Monday after gains in index majors HDFC, Infosys ad Kotak Mahindra Bank despite a negative trend in the global markets. 


After a volatile session, the 30-share index ended 477.99 points or 0.80 per cent higher at 60,545.61. Similarly, the Nifty50 surged by 151.75 points or 0.85 per cent to 18,068.55. Titan was the top gainer in the Sensex pack, rising over 4 per cent, followed by UltraTech Cement, Bajaj Finserv, Tech Mahindra, Kotak Mahindra Bank and HDFC. 


On the other hand, IndusInd Bank was the top loser in the Sensex pack, tanking by over 10 per cent after the lender admitted to having disbursed 84,000 loans without customer consent in May, owing to a “technical glitch”. M&M, SBI, Maruti, Asian Paints and TCS were also among the laggards. “Indian market opened on a mixed note after a long holiday week following mixed Asian market cues as investors digest China trade data,” said Narendra Solanki, the head of equity research (fundamental), Anand Rathi.


During the afternoon session, market erased initial losses and traded in the green, he said, adding that traders took support of the statement by industry chamber PHDCCI that India’s economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments.


Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was in the positive. Stock exchanges in Europe were largely trading in the red in mid-session deals.


Meanwhile, international oil benchmark Brent crude rose by 1.15 per cent to $83.69 per barrel on Monday. 

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