New Delhi, India (BBN)-The BSE benchmark Sensex ended 402 points higher on Monday on the back of broad-based buying.
The 50-share Nifty closed above its crucial psychological level of 8,300 led by gains in blue-chip stocks like HDFC, State Bank of India, ICICI Bank and Tata Steel, reports NDTV.
The Indian indices jumped consecutively for the second on value buying and short covering after falling nearly 9 per cent since April 15, which took Nifty below 8,000 levels. However, analysts do not expect much upside in markets from these levels.
Anil Manghnani of Modern Shares and Stock Brokers, said, "I am not surprised with a bounce back. The Nifty will remain volatile and it will not run up swiftly. Meanwhile, the Nifty bottomed out around 7,997 levels which is a strong support and in the near term it can move up to 8,300-8,310 levels where it will face resistance."
Meanwhile, buying was seen across the sectors. Banking, metal, auto and pharma stocks were among the top performers in trades today.
The banking stocks came back in demand after Bank of Baroda reported improvement in its bad loans. The Bank Nifty advanced over 2 per cent following this development.
Shares of Bank of Baroda surged as much as 18 per cent to Rs 171. State Bank of India, Yes Bank, ICICI Bank, Axis Bank, Punjab National Bank, IndusInd Bank and HDFC Bank ended 1-6 per cent higher.
CNX PSU Bank index on the National Stock Exchange zoomed over 6 per cent led by gains in public sector banking stocks.
Metal stocks also surged on Monday on hope of a turnaround in the Chinese economy as the central bank of China cut its benchmark interest rates by 25 basis points effective today.
BSE Metal index, Bombay Stock Exchange's sub-index for metal stocks surged over three per cent to an intraday high of 10,286.05. Vedanta was the top gainer from the metal pack rising over 6 per cent to Rs 233.45. Hindalco, SAIL and Tata Steel also advanced between 2-4 per cent.
Other metal stocks like JSPL, Hindustan Zinc, Nalco also gained between 1-3.5 per cent each.
Pharma, auto, capital goods, oil & gas, consumer durable and IT stocks also witnessed buying interest.
The broader markets also ended on a positive note. The BSE mid-cap index advanced 2.12 per cent and the small-cap index added 1.28 per cent.
The Sensex finally closed 401.91 points higher at 27,507.30 and the Nifty ended 133.75 points higher at 8,325.25.