The 30-share Sensex was up 846.94 or 1.41 per cent to settle at 60,747.31, while its broader peer the Nifty50 closed 241.75 points higher at 18,101.20
Indian equities closed higher on Monday as investor sentiment got a boost after US data hinted at less aggressive rate hikes and reopening of China’s borders which could impetus to global growth.
The 30-share Sensex was up 846.94 or 1.41 per cent to settle at 60,747.31, while its broader peer the Nifty50 closed 241.75 points higher at 18,101.20.
Both benchmark indices posted their biggest intraday gains in nearly two months as they logged a weekly loss of over 1 per cent each in the first week of 2023.
“Taking over the positive baton from a strong finish at Wall Street in Friday’s trade, markets bounced back sharply with Nifty recapturing the psychological 18,000 mark. All sectoral indices ended in green with Nifty IT and Nifty Metal being star outperformers. We expect metal stocks to do well as copper futures have approached the USD 4 per pound mark, the highest since June 2022, supported by expectations of stronger demand and looming supply concerns,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.
“For Nifty the immediate support is seen at 17,931 mark and then major support lies at 17,771 mark,” Mehta added.
The rise in Wall Street on Friday boosted investor sentiment as US payrolls expanded more than expected. Data showed wage increases slowing, easing worries about the Federal Reserve’s future rate hikes.
Among sectors, the Nifty IT index jumped 2.83 per cent as quarterly earnings report of IT firms such as Infosys, HCL and Wipro are due later in the week.
The Metal index rose 1.43 per cent on hopes of demand recovery after reopening in China.
TCS ended 3.4 per cent higher ahead of its results due later in the day.