NEW DELHI: Equity indices rallied on Monday with benchmark BSE sensex rising over 600 points led by gains in banking and financial stocks.
The 30-share BSE index jumped 610 points or 1.18 per cent to close at fresh peak of 52,154. The barometer scaled an all-time high of 52,236 during the day.
The broader NSE Nifty settled 151 points or 1 per cent higher to close at new record of 15,315.
Top gainers in the sensex pack included Axis Bank, ICICI Bank, Bajaj Finance, SBI, IndusInd Bank and Bajaj Finserv with their shares rising as much as 6.22 per cent.
While Dr Reddy, TCS, Asian Paints, HUL, Tech Mahindra and HCL Tech were the major losers falling up to 1.79 per cent.
On the NSE platform, sub-indices Nifty Bank, Private Bank and Financial Services gained up to 3.32 per cent.
Markets have been rewarding investors of late as the BSE index has more than doubled from the massive lows it faced in March last year.
In March 2020, the sensex sunk a massive 8,828.8 points or 23 per cent as concerns over the Covid-19 pandemic’s impact on the economy ravaged investor sentiments.
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Besides, companies have reported a near 49 per cent year-on-year growth in December-quarter profits, the biggest increase in four quarters, Refinitiv data for 220 companies with at least $500 million in market value showed.
“We have seen the strongest earnings season in several years … It’s a strong indicator of an economic recovery,” Siddharth Khemka, head of retail research at Motilal Oswal Securities told news agency Reuters.
Meanwhile, foreign portfolio investors (FPIs) were net sellers in the capital market as they offloaded shares worth Rs 37.33 crore on Friday, as per exchange data.
(With inputs from agencies)