Sensex Rises 180 Points Led by Gains in Financial Stocks

Equity benchmark Sensex advanced by about 180 points on Monday, led by gains in financial stocks, in contrast with the global peers.

After rallying 482 points during the day, the 30-share index pared gains to end 179.59 points, or 0.52 per cent, higher at 34,911.32.

The NSE Nifty too rose 66.80 points, or 0.65 per cent, to close at 10,311.20.

Bajaj Auto was the top gainer in the Sensex pack, surging around 7 per cent, followed by Bajaj Finance, Bajaj Finserv, Kotak Bank, PowerGrid and Axis Bank.

On the other hand, ONGC, HDFC, TCS and Reliance Industries were among the laggards.

According to Narendra Solanki, Head - Equity Research (Fundamental), Anand Rathi, Indian market opened on a positive note despite mixed cues from its Asian peers.

During the afternoon session, benchmarks sustained their positive trend amid buying in stocks of banks, financial services, metals and midcap stocks, he said.

Further, he stated that the liquidity situation in June also remained positive as foreign portfolio investors (FPI) have infused a net Rs 17,985 crore into the Indian capital markets so far.

However, volatility remained in the market amid rising number of coronavirus cases in the country.

On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the red, while those in Europe opened on a positive note.

International oil benchmark Brent crude futures fell 0.28 per cent to USD 42.07 per barrel.

On the currency front, the rupee appreciated 17 paise to provisionally close at 76.03 against the US dollar.