Mumbai : Domestic benchmark indices rose nearly 1% led by gains in fast moving consumer goods, metal, and banking stocks. The Nifty 50 closed at 7834.45 points, up 72.50 points or 0.9% from Friday, while the S&P BSE Sensex ended up 216.68 points or 0.8% at 25735.90 points.
After a weak start to the session, domestic equities gradually picked up pace due to strong buying by domestic institutional investors and on hope the Insolvency and Bankruptcy Code bill will be passed in Parliament, dealers said. “Today’s rally is more because of absence of selling by FIIs (foreign institutional investors) as there are holidays abroad…there is nothing fundamentally that has changed,” a market participant said. The rise in benchmark indices was accompanied with low volume.
