Market roars back: Investors pocket ₹5 lakh crore as stocks surge

Mumbai (The Uttam Hindu) : The Indian stock market closed with a big surge in Monday's trading session. At the end of the day, the Sensex was at 81,666.46 with a gain of 943.52 points or 1.17 percent and the Nifty was at 25,088.40 with a gain of 262.95 points or 1.06 percent. Due to the spectacular rise in the stock market, the Sensex closed with a gain of 940 points, while the Nifty closed above 25,000. Investors earned Rs 5 lakh crore in this rise.

The market rally was led by infra and auto stocks. Nifty Infra (2.26%), Nifty Auto (2.13%), Nifty PSE (2.04%), Nifty PSE (2.04%), Nifty Oil&Gas (2.04%), Nifty Metal (1.88%) and Nifty Commodities (1.87%) closed higher.

Only Nifty IT (0.47%) and Nifty Healthcare (0.08%) closed with losses. Along with large-caps, mid-caps and small-caps also saw significant gains. The Nifty Midcap 100 index rose 546.80 points, or 0.96%, to 57,667.60, and the Nifty Smallcap 100 index gained 105.20 points, or 0.64%, to 16,523.35.

Power Grid, Adani Ports, BEL, M&M, L&T, Indigo, UltraTech Cement, Asian Paints, ITC, Bajaj Finserv, Tata Steel, NTPC, ICICI Bank and Maruti Suzuki were among the gainers in the Sensex pack. Axis Bank, Infosys, TCS, Trent, Titan and Kotak Mahindra Bank were among the losers. Rupak Dey, Senior Technical Analyst at LKP Securities, said that after a major fall, Nifty has seen a strong bounce. However, the broader trend remains weak. The index is still below its 200 DMA.

He further said that any rally should be used to reduce leveraged positions and create short positions. The resistance level for Nifty is 25,200 and support is around 24,900. The Indian stock market opened in the red amid mixed global cues. Meanwhile, the BSE Sensex opened at 80,555.68, down 167.26 points or 0.21 percent, while the NSE Nifty opened at 24,796.50, down 28.95 points or 0.12 percent. However, the market turned green within a few minutes.