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    Sensex closes above 60,000 after over 3 weeks on Reliance and Infosys boost

    Sensex closes above 60,000 after over 3 weeks on Reliance and Infosys boost

    Sensex closes above 60,000 after over 3 weeks on Reliance and Infosys boost
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    By Sandeep Singh   IST (Published)


    Buying across sectors pushed both the Sensex and the Nifty50 around half a percent higher, as investors awaited macroeconomic data due later in the day for domestic cues.

    Indian equity benchmarks clocked sharp gains on Monday amid buying across sectors as positive signals from global markets aided the sentiment on Dalal Street, with the Sensex settling above the 60,000 mark for the first time since August 18. Investors awaited data on consumer inflation and industrial production in the country due later in the day for domestic cues.
    Globally, riskier assets remained in demand after investors digested hawkish remarks by Fed officials and an unprecedented 75 basis-point hike in COVID-era interest rate by the ECB last week.
    Both headline indices rose as much as 0.8 percent during the session. The 30-scrip gauge gained 491.4 points to touch 60,284.6 at the strongest level of the day and the Nifty50 climbed to as high as 17,980.6, up 147.2 points from its previous close.
    As many as 36 stocks in the Nifty50 basket finished the day higher. Adani Ports, Titan, Divi's, Tech Mahindra and Axis Bank were the top gainers.
    UPL, Eicher, Tata Steel, Infosys and Bajaj Finance — rising around 1-2 percent each — were also among the blue-chip stocks that rose the most.
    On the other hand, UPL, Coal India, Shree Cement, Nestle, HDFC, HDFC Bank, Hindustan Unilever and SUn Pharma — declining between 0.4 percent and 2.5 percent — were the top laggards.
    Reliance, Infosys, Axis Bank, ICICI Bank and Bajaj Finance were the biggest boosts for both main indices, together accounting for more than 250 points in the rise in Sensex.
    All sectors on NSE settled higher for the day.
    "Asian and European markets rallied on Monday, building on the momentum in the US at the end of last week, as investors price in expectations of further interest rate hikes aimed at taming inflation. Ukrainian forces making a rapid advance in Kharkiv province was also taken as a positive," said Deepak Jasani, Head of Retail Research at HDFC Securities. Catch latest updates on the Russia-Ukraine war here
    Overall market breadth remained in favour of the bulls throughout the session, with 2,189 stocks finishing higher and 1,394 lower on BSE.
    Global markets
    European markets began the day in the green led by banking stocks, after Ukrainian forces made rapid gains in recapturing some seized territories. The pan-European Stoxx 600 index was up 1.1 percent at the last count.
    S&P 500 futures were up half a percent, suggesting a higher start ahead on Wall Street.
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