The Indian equity benchmarks mirrored gains in global markets after US payrolls data hinted at less aggressive rate hikes by the US Federal Reserve
The Indian equity benchmarks snapped their three-day losing streak led by gains in index heavyweights like Reliance Industries, Infosys, Tata Consultancy Services, Axis Bank, Bharti Airtel, Mahindra & Mahindra and Hindustan Unilever. The Sensex rose as much as 989 points and Nifty 50 index reclaimed its important psychological level of 18,100.
The Sensex ended 847 points higher to close at 60,747 and Nifty 50 index advanced 242 points to settle at 18,101.
The Indian equity benchmarks mirrored gains in global markets after US payrolls data hinted at less aggressive rate hikes by the US Federal Reserve.
Overnight gains on Wall Street on Friday helped the sentiment after U.S. payrolls expanded more than expected. This came even as wage increases slowed, easing worries about the Federal Reserve's future rate hike decisions, news agency Reuters reported.
Back home, buying was visible across sectors as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by Nifty IT index's nearly 3 per cent gain. Nifty Auto, Bank, Metal, PSU Bank and Private Bank indices also rose around 1 per cent each.
Mid- and small-cap shares witnessed buying interest at Nifty Midcap 100 index rose 0.94 per cent and Nifty Smallcap 100 index rose 0.55 per cent.
Mahindra & Mahindra was top Nifty gainer, the stock rose 3.6 per cent to close at Rs 1,310 after it launched new range of its popular sports utility vehicle - Thar at a starting price of Rs 9.99 lakh.
Tata Consultancy Services advanced 3 per cent to close at Rs 3,309 ahead of its December quarter earnings.
SBI Life, IndusInd Bank, HCL Tech, Bharti AIrtel, Tech Mahindra, Wipro, Infosys, Reliance Industries and UPL also rose between 2-3 per cent.
On the other hand, Titan, Bajaj Finserv, Grasim, Bajaj Auto, HDFC Life, Maruti Suzuki and Britannia were among the notable losers.
The overall market breadth was positive as 2,044 shares ended higher while 1,585 closed lower on the BSE.