Indian equity benchmarks Sensex and Nifty posted strong gains on Monday, tracking an over 6% surge in index heavyweight Reliance Industries amid positive global cues.
The BSE Sensex zoomed 1,241 points to end at 71,942, while the NSE Nifty 50 index jumped 385 points to settle at 21,738.
Shares of Mukesh Ambani-led Reliance Industries skyrocketed nearly 7% after the company announced plans to acquire New York-based solar energy software developer SenseHawk for $32 million.
The rally in Reliance, along with broad-based buying support across sectors, powered the domestic markets higher. Nifty PSU bank, auto, and financial services stocks climbed between 1-2.5%.
However, IT majors like Infosys, TCS, and Tech Mahindra faced selling pressure and capped gains.
The market breadth was also positive, with midcap and smallcap shares rising over 1% each. The volatility index India VIX spiked nearly 13%.
Globally, Asian indexes ended higher even as European markets traded lower. Wall Street had finished last week on a mixed note.
While foreign fund outflows of Rs 2,144 crore on Thursday may weigh on domestic investor sentiment, the ongoing momentum is likely to be sustained if global cues remain supportive, analysts said.
Going ahead, investors will keenly monitor the RBI’s policy decision on Wednesday for further direction.
