Mumbai: Sensex and Nifty Continue Upward Trend

Benchmark indices Sensex and Nifty advanced for a second consecutive session on Monday, driven by gains in IT, banking, and auto stocks. The 30-share BSE benchmark rose by 415.49 points or 0.69% to close at 60,224.46, with 25 of its constituents ending in the green. The broader Nifty of the National Stock Exchange also saw an increase, advancing 117.10 points or 0.67% to settle at 17,711.45.

Gains in global markets, particularly in the US, following positive economic data bolstered investor sentiment. Among Sensex stocks, Tata Motors led the gains with a 2.79% increase, followed by NTPC, Reliance Industries, Infosys, TCS, HDFC twins, Tata Motors, ITC, Power Grid, and Bajaj Finserv. Conversely, Tata Steel fell the most by 1.22%, with L&T, Sun Pharmaceuticals, IndusInd Bank, and Ultratech Cement also declining.

Vinod Nair, Head of Research at Geojit Financial Services, attributed the market recovery to reduced likelihood of a sharp rate hike by the Fed, improved market sentiment due to foreign bulk deals at Adani, and FII buying. Global markets in Asia and Europe also saw gains, with Germany's DAX and France's CAC 40 rising by 0.4% and 0.7%, respectively.

On Friday, Sensex rallied nearly 900 points, and Nifty jumped more than 272 points, driven by positive global cues and fresh fund inflows. Foreign Portfolio Investors (FPIs) were net buyers, with investments worth Rs 246.24 crore. Markets will remain closed on Tuesday for the Holi festival.