The Indian benchmark indices Sensex and Nifty rallied in the last hour of trade and the session at day’s high on Monday.
The 30-share pack Sensex ended the session higher by 114 points at 59,106, while the Nifty-50 ended slightly below the 17,400 levels. Nifty Bank surged over 200 points in the last hour of trade, led by gains in Bandhan Bank, PNB, and IndusInd Bank.
The market breadth remained strongly in favour of gains, thanks to the outperformance of Midcaps. Four stocks rose for every one that fell on the NSE, taking the advance-decline ratio at 4:1.
Shares of Oil Marketing Companies declined on Monday after OPEC+ announced a cut in production, however, upstream companies like ONGC and Oil India surged in trade on Monday. “Oil prices rose 6% after the surprise announcement by OPEC+ to cut production by 1.5 million barrels per day from May until the end of the year, this resulted in a hike of oil shares,” said Deepak Jasani, head of retail research at HDFC Securities.
Other Midcap gainers included GMR, Voda Idea, IEX, Bandhan Bank, Laurus, and Delta Corp. The overall market capitalisation of BSE companies’ rose by Rs. 1.5 lakh crore on Monday.
