Sensex jumps over 700 points to year’s highest level of 61,764

MUMBAI: Strong buy on Reliance Industries, along with HDFC and HDFC Bank, after Friday’s sell-off, lifted Monday’s Sensex by 710 points, or 1.2%, to 61,764 points — the highest level since it closed at 61,806 points on Dec. 19, 2022. Most banking and financial stocks closed higher. A strong close on Wall Street on Friday night also supported the rally, market participants said. The Nifty Index closed at 18,264 points, up 195 points or 1.1% on the day.
Domestic indices rebounded after the US reported strong jobs data, according to global benchmarks, Siddhartha Chemka of Motilal Oswal Financial Services said.

“Nifty opened higher and continued to strengthen throughout the session to close near the daily high. Almost all sectors ended in the green, with real estate, autos, financial services and banks being the top performers. Continued earnings momentum in bank stocks and continued credit growth at 15.9% led to a rally in Nifty Bank (index),” Khemka said in a note.
Strong monthly auto stock sales also helped investor sentiment on Monday, market participants said.
The day’s buying was led by overseas funds, which bought shares worth Rs 2,124 crore net, BSE data showed. In May so far, foreign portfolio investors (FPIs) have net infused funds worth nearly Rs 17,000, the highest monthly figure since November 2022, data from CDSL and BSE showed.
The rally Trust The stock came on a day when a report from major overseas brokerage firm JPMorgan said the stock was overweight (OW). “We remain OW and continue to view the share price, which offers an attractive risk/reward trade-off, to fully benefit from the $45 billion in capital/investments across all companies over FY22-24 that will flow through FY25 “, says the report.
The day’s rally added around Rs 2.3 lakh crore to investors’ fortunes, with BSE’s mcap now standing at Rs 279.5 lakh crore, official data showed.