Market snaps 3-day losing streak, Sensex and Nifty end 1.4% higher

Indian equity benchmarks NSE Nifty 50 and BSE Sensex ended over one percent each, ending a three day losing streak. IT majors surged during today's session following a rally seen on Nasdaq, Nifty IT up three percent. Nifty Midcap 100 and Nifty Smallcap 100 ended  0.9 and 0.5 percent higher respectively.

The Sensex gained 989 points or 1.6 percent to 60,147.1, before ending at 60,747.3. The Nifty50 moved within a range of 17,936.1 - 18,141.4 in intraday trade before ending 1.4 percent higher at 18,101.2. Nifty IT ended 791.7 points or 2.8 percent higher at 28,748.2. All NSE sectoral indices ended in the green.

A total of 43 stocks in the Nifty50 basket finished in the red, with M&M, SBI Life, IndusInd Bank, TCS and HCL Tech being the top gainers.

L&TFH, Max Health, Persistent, AWL and Zydus Life led the Nifty Midcap index higher.

On the other hand, Titan, Bajaj Finserv, Grasim and Bajaj Auto were the top Nifty 50 losers.

"Wall Street climbed in anticipation of a less aggressive US Fed as wage growth slowed and service activity contracted, fuelling bets that inflation is moderating. Furthermore, the December payrolls rising higher than anticipated increased the possibility of a softer landing for the US economy. These gains were also absorbed by the domestic market, with IT being the biggest gainer ahead of the release of sector earnings, as the favourable US economy boosted sector optimism," said Vinod Nair, Head of Research at Geojit Financial Services.

Overall market breadth favoured the advance at close, as 2,044 stocks rose while 1,585 fell on BSE.

Rupee ended 36 paise higher from its previous close at 82.36 vs dollar.

European markets rose on Monday, as markets globally react to reopening of Chinese economy. Stoxx 600 index was last trading 0.4 percent higher.

S&P 500 futures were up 0.4 percent, suggesting a positive start ahead on Wall Street. Wall Street ended higher on Friday.