Sensex rallies 478 pts; Nifty ends above 18,000

Equity benchmark Sensex rallied 478 points on Monday after gains in index majors HDFC, Infosys and Kotak Bank despite a negative trend in the global markets.

After a volatile session, the 30-share index ended 477.99 points or 0.80 per cent higher at 60,545.61. Similarly, the Nifty surged 151.75 points or 0.85 per cent to 18,068.55.

Titan was the top gainer in the Sensex pack, rising over 4 per cent, followed by UltraTech Cement, Bajaj Finserv, Tech Mahindra, Kotak Bank and HDFC.

On the other hand, IndusInd Bank was the top loser in the Sensex pack, tanking over 10 per cent after the lender admitted to having disbursed 84,000 loans without customer consent in May owing to a “technical glitch”.

M&M, SBI, Maruti, Asian Paints and TCS were also among the laggards.

“Indian market opened on a mixed note after a long holiday week following mixed Asian market cues as investors digest China trade data,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

During the afternoon session, market erased initial losses and traded in green, he said, adding that traders took support of the statement by industry chamber PHDCCI that India’s economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments.

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive. Stock exchanges in Europe were largely trading in the red in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 1.15 per cent to USD 83.69 per barrel.