Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Equity market on Monday’s session started sharply higher, showing strength in Asian peers and extending gains to a second straight day after the government decided to cut the corporate tax rates.
The S&P BSE Sensex index rose as much as 1,180.75 points to 39,195.37 in early trade, and the broader NSE Nifty benchmark moved to 11,620.30, up 346.10 points from the previous close.
Gains across sectors expect IT and pharma led by banking, auto, and consumer goods shares pushed the markets higher. At 9:21 am, the Sensex traded 1,045.98 points – or 2.75 per cent – higher at 39,060.60, while the Nifty was up 295.45 points – or 2.62 per cent – at 11,569.65.
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Top percentage gainers on the 50-scrip index at the time were ITC, Larsen & Toubro, IndusInd Bank, Britannia, ICICI Bank and Asian Paints, trading between 5.07 per cent and 8.28 per cent higher.
Last Friday, the S&P BSE Sensex index had surged 1921.15 points – or 5.32 per cent – to end at 38,014.62, in its best single-day gain in a decade.
(With input from agencies)
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