Sensex, Nifty Rise The Most In Five Weeks As Private Banks, NBFCs Gain: Market Wrap

Indian equity benchmarks ended over 1% higher, the most in five weeks since March 31, 2023, on Monday. Private banks, NBFCs, realty and auto sectors gained the most, whereas PSU banks and media sectors were the top losers.

Asian markets were steady, whereas European stocks struggled to build on Friday’s rebound as traders assessed hawkish comments from policymakers and disappointing data from the region’s biggest economy.

The Stoxx Europe 600 index edged higher, with energy stocks outperforming as crude oil gained. With U.K. markets closed for a holiday in honour of King Charles III, trading volumes were relatively modest.

U.S. futures fluctuated after the S&P 500 jumped 1.9% Friday to halt its longest losing streak since February. PacWest Bancorp rose as much as 16% in pre-market trading on Monday.

The S&P BSE Sensex closed 710 points up, or 1.16%, at 61,764.25, while the NSE Nifty 50 ended higher by 203 points, or 1.12%, at 18,271.80.

Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., and HDFC Ltd. were positively adding to the change.

L&T Ltd., Coal India Ltd., Sun Pharmaceutical Industries Ltd., Adani Enterprises Ltd., and Dr. Reddy's Laboratories Ltd. were negatively contributing to the change in the Nifty 50.

The broader market indices ended higher; the S&P BSE MidCap Index was up by 0.94%, whereas the S&P BSE SmallCap Index was higher by 0.57%.

Eighteen out of the 19 sectors compiled by BSE Ltd. advanced, with S&P BSE Consumer Durables declining in trade.

The market breadth was skewed in favour of buyers. About 2,095 stocks rose, 1,554 declined, and 162 remained unchanged on the BSE.