Lagatar24 Desk
Mumbai, Oct.4: The Sensex surged 491 points on Monday, despite poor Asian market indications. Nifty 50 indexes advanced above its important psychological threshold of 17,650, led by gains in Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Infosys, Bajaj Finance, and State Bank of India. Meanwhile, the Nikkei in Japan was down 0.95 percent, the Hang Seng in Hong Kong was down 1.75 percent, and the Taiwan Weighted Index was down 0.6 percent.
The Sensex was up 460 points at 59,226 at 9:48 a.m., and the Nifty 50 index was up 127 points at 17,659.
Positive economic data, progress in the fight against COVID, and indications in Washington on the probable passage of an infrastructure bill drove Wall Street stocks to a higher close on Friday, kicking off the fourth quarter in a buying mood.
The Dow Jones rose 1.43 percent, the S&P 500 gained 1.15 percent, and the Nasdaq rose 0.82 percent.
Back home, nine of the National Stock Exchange’s 15 sector indices were trading higher, topped by the Nifty Pharma index’s 1.4 percent increase.
The Nifty PSU Bank, Healthcare, Private Bank, Bank Realty, Media, Information Technology, and Financial Services indices all gained 1% to 1.7%. Metal stocks, on the other hand, were under minor selling pressure.
Mid- and small-cap stocks outperformed their larger counterparts, with the Nifty Midcap 100 index rising 0.8 percent and the Nifty Smallcap 100 index rising almost 1%.
Individual stocks rose as high as 2.89 percent to 143.90 after Bloomberg reported that NTPC plans to raise $15,000 crore through three initial public offerings, including its renewables sector and the sale of a joint venture stake.
Divi’s Labs was the highest gainer on the Nifty, rising nearly 6% to 5,113. Among the other gainers were Tata Motors, Bajaj Finserv, State Bank of India, Dr Reddy’s Labs, HDFC, HDFC Bank, ICICI Bank, Bajaj Finance, Axis Bank, and Mahindra & Mahindra.
JSW Steel, UPL, Tata Steel, Eicher Motors, Indian Oil, Nestle India, HINDALCO, Power Grid, HDFC Life, Titan, Hindustan Unilever, and Shree Cements, on the other hand, were among the losers.
On the BSE, the overall market breadth was quite favourable, with 2,114 shares increasing and 634 dropping.
