Buying returned in Indian stock market, Sensex jumped 602 points

Mumbai: After continuous decline, Indian stock market witnessed all round buying in Monday’s trading session. At the end of trading, Sensex was up 602 points or 0.76 per cent at 80,005 and Nifty was up 158 points or 0.65 per cent at 24,339.

The rally was led by banking stocks. Nifty Bank closed at 51,259 with a gain of 471 points or 0.93 per cent. ICICI Bank, Wipro, Tata Steel, JSW Steel, M&M, Sun Pharma, HUL, SBI, Tata Motors, Bajaj Finserv, Asian Paints, IndusInd Bank, NTPC and HCL Tech were the top gainers in the Sensex pack. Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Bharti Airtel were the top losers.

Today, almost all the indices closed in the green. The highest gains were seen in PSU Bank, Pharma, FMCG, Realty, Auto, IT and Media indices. Along with largecap, buying was also seen in midcap and smallcap. Nifty Midcap 100 index was at 55,736 with a gain of 458 points or 0.83 percent and Nifty Smallcap 100 index was at 18,062 with a gain of 214 points or 1.20 percent.

Market experts say that buying is being seen in good quality stocks that have presented better results. Investors should invest only in stocks with the right valuation in such a market.

He further said that the global market is bullish due to Israel not making Iranian oil fields an attack. However, investors are being cautious due to uncertainty in the US markets. The market started with a slight rise. In early trade, the BSE Sensex was at 79,675 after gaining 273 points or 0.34 percent and the NSE Nifty was at 24,255 after gaining 74.35 points or 0.31 percent.