Sensex rallies for 3rd day, surges 1041 points on firm global cues
Mumbai, May 30: The Indian stock markets’ key indices, Sensex and Nifty, surged by around 2 per cent on Monday led by strong buying support in IT stocks on the back of positive cues from the global equities.
The 30 stock S&P BSE Sensex rallied 1041.08 points or 1.90 per cent to 55,925.74 points against its previous day’s close at 54,884.66 points.
This is the third consecutive session of the rally in the Indian equities markets. The Sensex had gained 632.13 points or 1.17 per cent on Friday, the previous trading session.
The broader Nifty 50 of the National Stock Exchange surged 308.95 points or 1.89 per cent to 16,661.40 points against its previous session’s close at 16,352.45 points.
The Nifty had gained 182.30 points or 1.13 per cent on Friday.
There was strong buying support for IT stocks. Nifty IT surged by around 4 per cent.
Infosys rallied 4.57 per cent to Rs 1527.55. HCL Technologies soared 3.57 per cent to Rs 1039.70. Tech Mahindra jumped 3.59 per cent to Rs 1163.90. Tata Consultancy Services soared 3.47 per cent to Rs 3375.55.
The share price of Mahindra & Mahindra (M&M) surged to a record high of Rs 1006.90 in the intra-day after the company announced strong financial results for the quarter ended March 2022. Mahindra & Mahindra closed 4.69 per cent higher at Rs 997.90. The company announced its financial results on Saturday.
The index heavyweight Reliance Industries Limited closed 3.44 per cent higher at Rs 2663.75.
Only four of the 30 scrips that are part of the Sensex closed in the red. Kotak Bank slipped 2.23 per cent to Rs 1902.80. Sun Pharma, Dr Reddy’s Laboratories and ITC also closed in the red.