Indian shares staged a strong comeback on Monday after suffering heavy losses last week on concerns about valuations and heavy selling by foreign institutional investors.
Key benchmark indexes snapped a three-day losing streak on the back of positive global cues, strong September-quarter results, better-than-expected auto sales numbers for October and data showing an increase in GST collection.
Meanwhile, India’s manufacturing PMI expanded for the fourth consecutive month, rising to 55.9 in October from 53.7 in September, a survey showed.
The benchmark 30-share S&P BSE Sensex jumped 831.53 points, or 1.40 percent, to close at 60,138.46 with buying seen across sectors. The broader NSE Nifty index settled at 17,929.65, up 258 points, or 1.46 percent, from its previous close.
IndusInd Bank topped the gainers list to rise as much as 7.5 percent while Grasim, HCL Technologies, Bharti Airtel and Hindalco all rose about 4 percent.
UPL fell 2.6 percent after releasing its earnings results while Bajaj FinServ and Mahindra & Mahindra ended down 1.6 percent and 1.4 percent, respectively.
Globally, cues from Asia and Europe were positive despite mixed manufacturing data from China and caution ahead of key central bank meetings this week in the United States, Britain and Australia.
Market Analysis
Sensex Soars 831 Points; Nifty Settles Above 17,900
2021-11-01 11:15:23
