Sensex rebounds 367 pts on gains in power oil and IT shares snaps 2-day falling streak

Mumbai, Jul 31 (PTI) Benchmark equity indices Sensex and Nifty closed over half a per cent higher on Monday, snapping their two-day falling streak on buying in index majors Reliance Industries and Tata Consultancy Services and firm global trends.
     The 30-share BSE Sensex jumped 367.47 points or 0.56 per cent to settle at 66,527.67 with 24 of its constituents ending in the green. The index opened lower but later rebounded from early lows and hit a high of 66,598.42 as power, oil, IT and metal shares advanced.
     The NSE Nifty climbed 107.75 points or 0.55 per cent to end at 19,753.80. The broader index fell below the 19,600 level in early trade but later recouped losses and hit a high of 19,772.75 as most of its shares traded in the green. As many as 35 of Nifty shares advanced, 14 declined and one closed unchanged.
     Sensex dropped by 547 points while Nifty lost 132 points in the last two sessions. The indices have gained in two out of the past seven sessions.
     "Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era," said Vinod Nair, Head of Research at Geojit Financial Services.
     The latest positive development was the Eurozone's inflation slowing for the third consecutive month in July, coming in at 5.3 per cent, in line with market predictions, Nair said.
     From the Sensex pack, NTPC jumped nearly 4 per cent after the company posted over 23 per cent rise in consolidated net profit in the April-June quarter of 2023-24.
     Maruti Suzuki, which posted a two-fold growth in the April-June net profit at Rs 2,525 crore and also announced the termination of its contract manufacturing agreement with parent firm, rose by 1.56 per cent. MSI will acquire Suzuki Motor Gujarat from Japan-based parent Suzuki Motor Corporation.
     TCS rose by 1.96 per cent while Reliance Industries gained 0.80 per cent, helping the indices end in green.
     Power Grid, Tech Mahindra, Tata Steel, Wipro and JSW Steel were among the other major gainers.
     Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, ITC, Bharti Airtel and Asian Paints were among the laggards.
     "Nifty resumed the uptrend on Monday after a two-day fall aided by positive global cues and buying in IT and metal stocks," said Deepak Jasani, Head of Retail Research, HDFC Securities.
     In the broader market, the BSE smallcap gauge jumped 1.31 per cent and midcap index climbed 0.86 per cent.
     Among sctoral indices, utilities rallied 2.47 per cent, power jumped 2.33 per cent, metal (1.73 per cent), industrials (1.66 per cent), services (1.33 per cent), capital goods (1.32 per cent), IT (1.28 per cent) and commodities (1.25 per cent).
     FMCG emerged as the laggard.
     In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green.
     European markets were trading on a mixed note. The US markets had ended in the positive territory on Friday.Meanwhile, global oil benchmark Brent crude climbed 0.25 per cent to USD 85.20 a barrel.
     Foreign institutional investors (FIIs) offloaded equities worth Rs 1,023.91 crore on Friday, according to exchange data.

(This story has not been edited by THE WEEK and is auto-generated from PTI)