Home Correction trading Sensex increases by more than 600 points in late transactions; Nifty...

Sensex increases by more than 600 points in late transactions; Nifty Trading above 17,850

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Sensex and Nifty had fallen sharply over the past three trading days.

New Delhi: Stock indices were trading in the green on Monday, buoyed by gains across all sectors. The benchmark BSE Sensex jumped 633 points or 1.07 percent to 59,940 in late trades; while the wider NSE Nifty rose 195 points or 1.11 percent to 17,867.

The main winners of the BSE pack included IndusInd Bank, Bharti Airtel, HCL Tech, Dr Reddy’s, Tata Steel and UltraTech Cements, with shares up 7.87 percent. Bajaj Finserv, Mahindra and Mahindra, Hindustan Unilever, Reliance Industries, Nestlé India and ICICI Bank lost up to 2.62% in late transactions.

IndusInd Bank shares jumped more than 8% to an intraday high of Rs 1,228.45 after the private lender said it raised Rs 2,800 crore by issuing bonds on the basis of a private placement.

Shares of Steel Authority of India Limited (SAIL) rose 13% to an intraday high of Rs 130.35 as the company’s profit in the September quarter rose nearly 10 times to 4,339 crore from Rs, compared to Rs 436.52 crore in the same period last year.

On the NSE platform, all sub-indices were trading green, with Nifty Realty and Metal outperforming the index by jumping 4.77 percent.

Both national indices had fallen sharply over the past three trading sessions.

“From a market perspective, what we’ve seen over the past three or four days has been a strong correction, which is generally seen as a good thing when we have such a one-sided rally,” said Gaurav Garg, head of research at CapitalVia Global Research. Reuters agency.

“Investors are back in buy mode, supported by strong September quarter results,” added Mr. Garg.

Investor sentiment was also boosted, as a private survey showed factory activity across the country grew at its fastest pace in eight months in October thanks to strong demand and increased production.

The Manufacturing Purchasing Managers Index, compiled by IHS Markit, jumped to 55.9 in October from 53.7 in September, the highest since February, and remaining above the 50 level separating growth and contraction for a fourth consecutive month.


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