Sensex, Nifty Gain Led By IT, Energy Stocks

Indian shares finished Monday’s session notably higher, with IT, energy and Adani Group stocks leading the surge.

While positive global cues helped underpin sentiment, caution ahead of a testimony by Fed Chair Jerome Powell and the U.S. jobs report this week led to some intra-day profit booking by investors.

The benchmark S&P/BSE Sensex hit a high of 60,498.48 before giving up some gains to end the session up 415.49 points, or 0.69 percent, at 60,224.46.

The broader NSE Nifty index settled 117.10 points, or 0.67 percent, higher at 17,711.45, after having hit a high of 17,799.95 earlier in the day.

ONGC gained 2.6 percent and Oil India added 2.4 percent after the government slashed windfall gains tax on exports of diesel and aviation turbine fuel (ATF), while marginally increasing the levy on domestic crude oil in its 16th fortnightly revision of the duties.

Falling U.S. Treasury yields helped IT stocks push higher, with Infosys, TCS and HCL Technologies gaining 1-2 percent.

Adani Group stocks continued to surge after the LIC team reportedly met up with the Adani Group’s top management and said it is more confident of the group’s business prospects.

Adani Enterprises jumped 5.5 percent, while Adani Transmission, Adani Total Gas, Adani Green Energy and Adani Power rallied around 5 percent each.

Metal stocks led losses, with Hindalco, JSW Steel and Tata Steel falling around 1 percent each after top consumer China set a modest annual growth target for 2023.