Indices end high, Sensex closes over 400 points

Benchmark indices ended sharply up on Monday with Sensex rising over 400 points and Nifty ending over 120 points.

At close, Sensex ended 442.65 points or 0.75 per cent up to 59,245.98, and Nifty ended 126.35 points or 0.72 per cent higher at 17,665.80. About 2,208 shares have advanced, 1,348 have declined and 180 remained unchanged.

SunPharma, ITC, NTPC, Reliance Industries, Larsen and Toubro were major gainers on the Sensex on Monday. BSE LargeCap ended up 0.59 per cent, while BSE SmallCap and MidCap closed 0.89 per cent and 0.46 per cent higher.

"Markets started the week on a robust note despite feeble global cues and gained over half a percent. After the gap-up start, the Nifty index hovered in a narrow range for most of the session and finally settled around the day's high to close at 17,665.80 levels. Sectoral indices traded mixed wherein media, metal and banking gained maximum traction. The market breadth also ended strong, thanks to continuous buying on the broader front," said Ajit Mishra, VP - Research, Religare Broking Ltd.

Asian indices remained mostly in red on Monday as traders weighed the risk of curbs on investment from the US and growing concerns over new COVID-19 lockdowns impacted sentiments.

European stocks slumped and the Euro fell on Monday as the region's worsening energy crisis added to risks for a global economy already facing high inflation and a wave of monetary tightening.

Economic activity in the Eurozone contracted further in August, with the S&P Global Composite PMI index falling to 48.9 from 49.9 the previous month.

"Nifty broke out nicely of the two day range move. Given the subdued sentiments abroad, it may find it difficult to rise sharply from here on. As US markets are shut today, no cues will be available for Indian markets from there. Nifty could stay in the 17778-17476 band for the near term," said Deepak Jasani, Head of Retail Research, HDFC Securities.

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