Bulls roar on Dalal Street for 3rd session over value buying

Mumbai: Stock markets rallied for the third consecutive day on Monday, with benchmark Sensex climbing 583 points and the Nifty reclaiming the 25,000-level following value buying in IT and financial shares. The 30-share BSE Sensex jumped 582.95 points or 0.72 per cent to settle at 81,790.12. During the day, it zoomed 639.25 points or 0.78 per cent to 81,846.42. The 50-share NSE Nifty surged by 183.40 points or 0.74 per cent to 25,077.65. Nifty has advanced 466 points or 1.89 per cent in three sessions to regain the 25,000 level on Monday on value buying by investors.

“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results. The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations,” said Vinod Nair, head (research), Geojit Investments Limited.

The BSE midcap gauge climbed 0.68 per cent, while smallcap index dipped 0.20 per cent.

“Market remained in positive territory through the session mainly aided by gains in banking, IT and healthcare stocks. Despite the upmove, it was not a broad-based rally, indicating that undertone still remains cautious with a weak bias owing to sharp selling by overseas investors,” added Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.

Among sectoral indices, BSE Focused IT surged the most by 2.21 per cent, followed by IT (1.96 per cent), teck (1.60 per cent), bankex (1.10 per cent), healthcare (1.05 per cent) and financial services (0.93 per cent). Commodities, FMCG, telecommunication, utilities and metal were among the laggards.