MUMBAI: Equity benchmark indices Sensex and Nifty rebounded sharply on Monday after five days of steep decline amid value buying at lower levels and a supportive trend in global markets.
Besides, bargain hunting in blue chip stocks like ITC, HDFC Bank and Reliance Industries added to the optimism in the equity market, traders said.
The 30-share BSE benchmark Sensex jumped 498.58 points or 0.64 per cent to settle at 78,540.17. During the day, it soared 876.53 points or 1.12 per cent to 78,918.12.
The NSE Nifty surged 165.95 points or 0.70 per cent to 23,753.45.
"The Indian market demonstrated optimism following the recent sell-off. The lower-than-expected US PCE print bolstered investor sentiment in interest rate-sensitive sectors. Broad-based buying was observed, with the metals sector notably benefiting from the anticipated increase in steel import taxes."
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