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Sensex rises 300 points; banking, financial stocks surge
Mumbai: Reversing three consecutive sessions of losses, the Indian stock market's benchmark Sensex closed 300 points higher on Monday led by good buying support in banking and financial stocks.
The 30 stock S&P BSE Sensex jumped 300.44 points or 0.51 per cent to close at 59,141.23 points against its previous session's close at 58,840.79 points. Earlier, the Sensex started the day in the red at 58,747.31 points and fell to a low of 58,487.76 points in the early morning trade. The markets witnessed good buying support later in the day. The Sensex rose to a high of 59,277.55 points in the intra-day.
The Sensex closed in the positive after three consecutive sessions of slump in the market. The Sensex had lost 1093.22 points or 1.82 per cent on Friday, the previous trading session.
The broader Nifty 50 of the National Stock Exchange rose 91.40 points or 0.52 per cent to 17,622.25 points against its previous session's close at 17,530.85 points.
The Nifty had lost 346.55 points or 1.94 per cent on Friday.
There was good buying support in banking and financial stocks. Bajaj Finance surged 2.79 per cent to Rs 7493.10. Bajaj Finserv jumped 1.79 per cent to Rs 1766.15.
State Bank of India climbed 1.92 per cent to Rs 572.40. Mahindra & Mahindra surged 3.05 per cent to Rs 1288.70.
Nestle India, Hindustan Unilever, Axis Bank, Tech Mahindra and Infosys were among the major Sensex gainers.
Only eight of the 30 scrips that are part of the benchmark Sensex closed in the red. Tata Steel slumped 2.50 per cent to Rs 103.15. Power Grid Corporation, NTPC, Asian Paints, ICICI Bank and UltraTech Cement were among the major Sensex losers.
The share price of Ambuja Cements Limited surged by over 10 per cent on Monday to hit a fresh lifetime high after Adani Group, which completed the acquisition of the firm last week, announced Rs 20,000 crore fund infusion plan.
On the BSE, Ambuja Cements Limited's share closed 9.32 per cent higher at Rs 564.40.
The scrip surged to a high of Rs 572.25 in the intra-day gaining more than 10 per cent from its previous session's close at Rs 516.30.
The share price of Ambuja Cement Limited hit a fresh lifetime high a couple of days after Adani Group completed the acquisition of the firm. The Adani Family, through Endeavour Trade and Investment Ltd ("BidCo"), a special purpose vehicle, last week successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd. (ANI)