Investors richer by Rs 3 lakh crore as recovery hopes drive Sensex 750 points higher

NEW DELHI: Equity investors shrugged off last week's selloff and resumed buying that pushed benchmark indices higher on Monday led by banks and auto stocks amid firm global as well as domestic cues.

Auto companies continued reporting growth in sales in February while India’s expanding GDP also gave some hope. Progress on a $1.9 trillion stimulus in the US also lifted the morale on Dalal Street.

The 30-share pack Sensex advanced 749.85 points or 1.53 per cent to close at 49,849.84.. Its broader peer NSE Nifty climbed 232.40 points or 1.60 per cent to settle at 14,761.55.

“Domestic markets kick-started the month on a strong footing with increased optimism led by GDP reaching positive numbers, improving auto numbers and steady PMI manufacturing data. The auto sector was in focus today as the sales numbers for February were in favour of manufacturers," said Vinod Nair, Head of Research at Geojit Financial Services.

Investors' wealth grew by Rs 2.99 lakh crore as the total market capitalisation of BSE-listed firms rose to Rs 203.80 lakh crore.

Market at a glance

• Airtel plunges over 4% after Jio launches package to lure 2G subscribers
• India VIX -- the barometer of volatility -- declines 9%
• Nifty PSU Bank sole sectoral loser; Nifty Media gains 4%
• Auto stocks rise, led by Motherson, on good show in February sales
• BEML adds 8% as government extends deadline for submitting EoI

Among the blue chip stocks, Power Grid was the top gainer, rising 6.67 per cent. ONGC, Grasim Industries, UPL, Shree Cement, UltraTech Cement, Hero MotoCorp, Asian Paints and Kotak Mahindra Bank were other gainers.

Bharti Airtel was the only loser in the Nifty pack, falling 4.26 per cent.

Broader market indices also ended with gains performing better than their headline peers. Nifty Smallcap rose 2.07 per cent and Nifty Midcap added 1.79 per cent. Nifty 500 -- the broadest index on NSE -- advanced 1.53 per cent.

HUDCO, Gujarat Gas, Fortis Healthcare, India Cements, Engineers India and BEML were top gainers from the mid- and small-cap indices, climbing in the range of 7-10 per cent.

PNB Housing Finance, Heidelberg Cement, Dixon Technologies, Endurance Technology, Bank of India and Vodafone Idea were major losers from the broader market space, falling in the range of 1-3 per cent.

Barring Nifty PSU Bank that slipped 0.36 per cent, all sectoral indices closed with gains. Nifty Media was the biggest gainer, up 4.31 per cent. Nifty Auto, Nifty Metal and Nifty Financial Service were other major gainers.

Market breadth was in favour of gainers as 1,948 stocks ended in the green, while 1,121 scrips settled with cuts. As many as 294 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 54 counters hit 52-week lows, mostly from the microcap space. About 395 stocks hit upper circuit limits and 277 lower circuit limits.

European markets were trading with gains at the last count. London-based FTSE was up 1.63 per cent while Paris and Frankfurt rose 1.55 per cent and 1.11 per cent, respectively. In Asia, Taiwan plunged 3 per cent and South Korea 2.8 per cent. All other markets closed with gains, led by Nikkei that rose 2.4 per cent.