Sensex, Nifty jump nearly 1% on gain in IT, banking shares

PTI, Nov 6, 2023, 4:06 PM IST

Mumbai: Benchmark Sensex and Nifty rallied for a third straight session on Monday, closing higher by nearly 1 per cent on gains in IT, private banks and capital goods shares amid favourable trends in global markets.

The 30-share BSE Sensex jumped 594.91 points or 0.92 per cent to settle at 64,958.69. During the day, it rallied 628.76 points or 0.97 per cent to 64,992.54.

The broader Nifty of the National Stock Exchange climbed 181.15 points or 0.94 per cent to 19,411.75.

Among the Sensex firms, Larsen & Toubro, Axis Bank, Tata Steel, Bajaj Finance, Power Grid, Asian Paints, Mahindra & Mahindra and Bajaj Finserv were the biggest gainers.

State Bank of India, Hindustan Unilever, Tata Motors and Titan were the laggards.

“Optimism continued as soft US payroll data and expectations of moderation in monetary tightening by the Fed supported the sentiment. Since most of the headwinds are global in nature, investor sentiment has shifted to domestic-oriented businesses, where festive demand is healthy,” said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green.

European markets were trading lower. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude climbed 1.35 per cent to USD 86.04 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 12.43 crore on Friday, according to exchange data.

On Friday, the BSE benchmark climbed 282.88 points or 0.44 per cent to settle at 64,363.78 while the Nifty advanced 97.35 points or 0.51 per cent to 19,230.60.