Sensex gains 322 points after strong opening to close above 60,000

A rally in banking, IT and energy stocks was largely responsible for the market's performance.

AgenciesUpdated: Monday, September 12, 2022, 04:36 PM IST
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Sigachi Industries The stock is listed at Rs 575, a premium of 252.76 percent on BSE. It then rallied 270.39 percent to Rs 603.75. | pexels

Benchmark BSE Sensex rose by about 322 points to close above the 60,000 level on Monday tracking gains in banking, IT and energy stocks amid positive global equities.

The 30-share barometer closed higher by 321.99 pts or 0.54 per cent at a three-week high of 60,115.13, as 21 of the index constituents closed in the green. After a strong opening, the index touched a day's high of 60,284.55 and a low of 59,912.29.

The broader NSE Nifty spurted by 103 points or 0.58 per cent to settle at 17,936.35 points, with 36 of its constituents ending with gains.

Foreign fund buying, crude oil prices trading near USD 93 level, and macro data reflecting the strong growth recovery, boosted investor sentiment.

Gains in global equity markets also propped up the local equities. Investors were also awaiting key consumer inflation and industrial production data to be released after market hours.

Among Sensex stocks, Titan rose the most by 2.39 per cent, followed by Axis Bank, Tech Mahindra and Tata Steel. Gains in RIL, Infosys, TCS, ICICI Bank, Bajaj Finance and L&T aided the rally.

HDFC fell the most by 0.43 per cent while HDFC Bank and Nestle also declined. Among global markets, shares climbed in Europe and Asia after last week's strong close on Wall Street snapped a three-week losing streak.

Many Asian markets were closed for holidays. The US futures rose while oil prices turned higher. While Tokyo's Nikkei 225 gained 1.2 per cent, markets in Shanghai, Hong Kong and Seoul were closed for holidays.

Brent crude oil advanced 28 cents to USD 93.12 a barrel. Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,132.42 crore on Friday, as per exchange data.

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