Equity indices jump; IT, banking stocks lead gains

Sensex rises 1.41% to 54,521.15 points

India’s equity markets on Monday surged about 1.5% following global trends, with technology and banking stocks witnessing gains.

The S&P BSE Sensex rose 760.37%, or 1.41%, to 54,521.15 points. Stocks that increased the most include IndusInd Bank (4.36%), Infosys (4.16%), Tech Mahindra (3.54%), Bajaj Finserv (3.44%), Axis Bank (3.31%) and Kotak Bank (3.25%).

The NSE Nifty 50 index too surged 229.30 points, or 1.43%, to 16,278.50.

“Markets are largely mirroring their global counterparts, especially the U.S., while domestic factors like macroeconomic data and earnings cause volatile swings in between,” said Ajit Mishra, vice-president, Research, Religare Broking Ltd.

Narendra Solanki, head, Fundamental Research - Anand Rathi Investment Services, said, “Sentiments were upbeat as a private report suggests that the income of farmers has grown in the range of 1.3-1.7 times in FY22 from the FY18 levels on an average, while grain exports soared to over $ 50 billion.”

“For certain crops in some States (like soyabean in Maharashtra and cotton in Karnataka) farmers’ income has more than doubled in FY22 from FY18 levels,” he added.