Sensex jumps 1,041 points as IT, realty stocks surge; Nifty settles above 16,650

NEW DELHI: Equity indices surged on Monday with the benchmark BSE sensex rising over 1,000 points amid firm cues from global markets.
The 30-share BSE index jumped 1,041 points or 1.9 per cent to close at 55,926. While, the broader NSE Nifty settled 309 points or 1.89 per cent higher at 16,661.
Titan was the top gainer in the sensex pack rising as much as 4.94 per cent, followed by M&M, Infosys, L&T, Tech Mahindra and HCL Tech.
All the major sub-indexes advanced, with Nifty’s IT sub-index leading the pack with a 3.8 per cent rise. HCL Technologies and Infosys jumped more than 3 per cent and were the top gainers on the Nifty 50.
Stocks in India’s $194-billion IT sector have taken a beating in recent months from growing investor worries about inflation, supply chain issues and the impact of the Ukraine war on client spending.
“The market is set for a near-term rally and the beaten down IT segment is likely to stage a good comeback, assisted by short-covering,” V K Vijayakumar, chief investment strategist at Geojit Financial Services told Reuters.
Global stocks and US futures rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing.
Investors were relieved after commerce department data showed US inflation, which has prompted the Federal Reserve to raise interest rates, decelerated to 6.3 per cent over a year earlier in April, its first decline in 17 months.
(With inputs from agencies)

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