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Sensex jumps 832 points as metal, realty stocks surge; Nifty settles above 17,900


NEW DELHI: Equity indices snapped three-day losing streak on Monday with the benchmark BSE sensex rising over 800 points led by gains in realty, metal and IT stocks. The 30-share BSE sensex jumped 832 points or 1.4 per cent to close at 60,138. While, the broader NSE Nifty settled 258 points or 1.46 per cent higher at 17,930. IndusInd Bank was the top gainer in the sensex pack rising as much as 7.45 per cent, followed by Bharti Airtel, HCL Tech, Tata Steel and Tech Mahindra. Bajaj Finserv, M&M, Nestle India and Reliance were the only losers falling up to 1.74 per cent. On the NSE platform, all sub-indices finished in green with Nifty Realty, Metal, IT and Bank gaining as much as 4.03 per cent. The metal index gained 3.06 per cent helped by a 12 per cent jump in Steel Authority of India (SAIL) after the steelmaker posted a near eleven-fold surge in quarterly profit. Both the domestic indexes rose more than 30 per cent this year to hit all-time highs last month, helped by a decline in Covid-19 cases, ample liquidity, a re-opening of the economy and expectations of a strong festive season. However, they have lost more than 4 per cent since their October highs on concerns about valuations and heavy selling by foreign institutional investors. The Nifty and the sensex fell 3.3 per cent each over the last three sessions. “From the market perspective, what we saw over the last three-four days was a sharp correction, which generally is considered good when we have such a one-sided rally,” Gaurav Garg, head of research at CapitalVia Global Research told news agency Reuters. Investors are back in buying mode, supported by strong September-quarter results, Garg added. Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 5,142.63 crore on Friday, as per exchange data. (With inputs from agencies)


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