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Sensex goes into positive global cues of IT and banking stocks

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The Indian stock market’s key indices, Sensex and Nifty surged by nearly one-and-a-half percent on Monday led by strong buying support in IT, infra, banking, and financial stocks. The 30 stock S&P BSE Sensex surged 760.37 points or 1.41 percent to close at 54,521.15 points against its previous session’s close at 53,760.78 points.

This is the second consecutive session of the rally in the Indian equities markets. The Sensex had gained 344.63 points or 0.65 percent on Friday, the previous trading session.

The broader Nifty 50 of the National Stock Exchange surged 229.30 points or 1.43 percent to close at 16,278.50 points against its previous session’s close at 16,049.20 points.

There was strong buying support for IT stocks. Infosys surged 4.23 percent to Rs 1491. Tech Mahindra jumped 3.67 percent to Rs 1010.05. Wipro jumped 2.83 percent to Rs 405. Tata Consultancy Services reversed last week’s losing run. TCS closed 2.23 percent higher at Rs 3060.35.

HCL Technologies rose 1.95 percent to Rs 900.30. IndusInd Bank jumped 4.36 percent to Rs 850.70. Bajaj Finserv jumped 3.46 percent to Rs 12249.10.

Axis Bank, Kotak Bank, UltraTech Cement, L&T, ICICI Bank, Bajaj Finance, State Bank of India, and Tata Steel were among the major Sensex gainers.

Only seven of the 30 scrips that are part of the benchmark Sensex closed in the red. Dr. Reddy’s Laboratories slipped 1.70 percent to Rs 4465.70. HDFC Bank slipped 1.19 percent to Rs 1347.65. Mahindra & Mahindra, Maruti Suzuki, Hindustan Unilever, Nestle India, and HDFC were the other Sensex losers.

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