Why is share market going up today? Key factors that drove Sensex, Nifty on Monday's trade
India Today
Nifty 50 index was up 1.92 per cent or 313.60 at 16,614.60, while the S&P BSE Sensex rose 1.97 per cent or 1,079.02 points to 55,785.70.
The Sensex and Nifty rose nearly two per cent due to a rally in technology stocks on Monday. The market also benefitted from an improvement in the global mood after China eased its Covid-19 curbs.
The NSE Nifty 50 index was up 1.92 per cent or 313.60 at 16,614.60, while the S&P BSE Sensex rose 1.97 per cent or 1,079.02 points to 55,785.70.
WHY IS STOCK MARKET GOING UP TODAY?
All the major sub-indexes advanced on Monday, with Nifty's IT sub-index leading the pack with a 3.6 per cent rise.
HCL Technologies and Infosys jumped more than 3 per cent and were the top gainers on the Nifty 50.
The market is set for a near-term rally and the beaten down IT segment is likely to stage a good comeback, assisted by short-covering, said V K Vijayakumar, chief investment strategist at Geojit Financial Services, in a note, Reuters reported.
Stocks in India's $194-billion IT sector have taken a beating in recent months from growing investor worries about inflation, supply chain issues and the impact of the Ukraine war on client spending.
