Indian stock indices snapped their three-day losing streak led by gains in ICICI Bank CCI, Unilever Hindustan , HDFC Bank Box Mahindra Bank and Axis Bank The Sensex rose as much as 758 points from the day’s low and the Nifty 50 index touched an intraday high of 24,957 after touching a low of 24,753.
The Sensex rose 376 points to close at 81,559.54, while the Nifty 50 index gained 84 points to 24,936.40.
European stocks started the week on a positive note after the benchmark index had its worst day in more than a year on Friday, as investors await a raft of economic data and expect the European Central Bank to cut interest rates later in the week.
The pan-European STOXX 600 index was up 0.5 percent as of 12:41 p.m. on Monday, after posting its worst weekly performance since October 2023.
Six of the 13 sectoral gauges compiled by the National Stock Exchange ended higher, led by the 2 per cent rise in the Nifty FMCG index. The Nifty Bank, Financial Services, Private Bank and Consumer Durables indices also rose between 0.4 and 1.2 per cent.
On the other hand, metals, pharmaceuticals, state-owned banks, oil and gas and auto stocks faced selling pressure.
Mid- and small-cap stocks underperformed their larger peers, with the Nifty Midcap 100 index down 0.26 per cent and the Nifty Smallcap 100 index down 0.93 per cent.
Unilever Hindustan was the biggest gainer on the Nifty, the stock rose 2.85 per cent to close at Rs 2,920. Shriram Finance, ICICI Bank ICT, Box Mahindra Bank, Tata Consumer Products, IndusInd Bank, Axis Bank and Divi’s Labs also rose between 0.63-2.3 percent.
On the other hand, ONGC Technology Mahindra Bharat Petroleum, Tata Steel, Hindalco, NTPC, Tata Motors, Wipro Among the losers were Apollo Hospitals and Coal India.
The overall market breadth was negative as 2,380 stocks closed lower while 1,658 closed higher on the BSE.
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