Sensex, Nifty Rally Nearly 1% On FII Inflows; Strong Q1 PSU Bank Results

The Domestic Stock market on Monday surged nearly 1 per cent on the back of FII inflow and recovering from the last trading session’s correction.

FII inflows, along with positive Q1 results of PSU banks and purchasing in the broader market, propelled the bullish sentiments.

Sustained growth in mutual fund investment, as per data released by the Association of Mutual Funds in India (AMFI), also lifted the market momentum in the last trading hours.

S&P Sensex rose 749.29 points or 0.93 per cent to close at 80,604.08. The index kicked off the day neutral at 79,885 compared to the last session’s 79,857.79.

Later in the day, buoyed by the return of FII and robust mutual fund data for July, the Index experienced heavy selling. The 30-share index touched an intraday high of 80,636.05.

Nifty added 221 points or 0.91 per cent to settle at 24,585.

Top Gainers and Losers

Tata Motors, Eternal, Adani Ports, Trent, SBI, L&T, Mahindra and Mahindra, Axis Bank, Sun Pharma, HDFC Bank, HCL Tech and Kotak Bank featured among the top gainers. While Bharti Airtel, BEL and ICICI Bank stood among the top laggards.

Most of the sectoral indices rode on the bullish momentum amid value buying.

Nifty Fin Services jumped 238 points or 0.91 per cent, Nifty Bank added 505 points or 0.92 per cent, Nifty Auto zoomed 249 points or 1 per cent, and Nifty IT gained 63 points or 0.36 per cent.

The broader market also staged a bullish performance, taking cues from the market.

Nifty Next 50 jumped 769 points or 1.17 per cent, Nifty 100 extended gains by 238 points or 0.96 per cent. Nifty Midcap 100 zoomed 476 points or 0.85 per cent, and Nifty Small Cap closed with an uptick of 63 points or 0.36 per cent.

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