MUMBAI: Extending the rally to the fourth consecutive trading session, the Indian stock market’s benchmark Sensex surged 545 points on Monday, led by strong buying support in Reliance Industries, Maruti Suzuki and Mahindra & Mahindra.
The 30 stock S&P BSE Sensex ended the day at 58,115.50 points, which is 545.25 points higher from its previous session’s close at 57,570.25 points. The Sensex had gained 712.46 points on Friday, the previous trading day.
The broader Nifty 50 of the National Stock Exchange rallied 181.80 points to 17,340.05 points against its previous session’s close at 17,158.25 points. The Nifty had gained 228.65 points on Friday.
The index heavyweight Reliance Industries Ltd (RIL) surged 2.64 per cent to Rs 2,575.10. Mahindra & Mahindra closed 6.15 per cent higher at Rs 1,236.35. The scrip surged to a high of Rs 1248.40 in the intra-day. This is the highest closing and the intra-day level achieved ever.
The share price of Mahindra & Mahindra surged after the company reported 31 per cent jump in its overall sales and its all-new Scorpio-N model received impressive bookings.
During the month of July, Mahindra & Mahindra Ltd’s total sales surged by 31 per cent to 56148 vehicles. In the Utility Vehicles segment, Mahindra sold 27,854 vehicles in July. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 28,053 vehicles in July 2022. Exports for the month were at 2,798 vehicles. In the Commercial Vehicles segment, Mahindra sold 20,946 vehicles in July.
There was strong buying support in other auto stocks also. Maruti Suzuki surged 2.64 per cent to Rs 9,004 and Tata Motors surged 7 per cent.
Kotak Bank, Bharti Airtel, NTPC, Power Grid Corporation, UltraTech Cement, ITC, Wipro and State Bank of India were among the major Sensex gainers. Only six of the 30 scrips that are part of the benchmark Sensex closed in the red. Sun Pharma plunged 2.65 per cent to Rs 918.55.
FMCG stocks were under selling pressure. Hindustan Unilever slipped 1.45 per cent to Rs 2,598.65 while Nestle India slipped 0.35 per cent to Rs 19,284.05. IndusInd Bank, Asian Paints and Tata Consultancy Services also closed in the red. (ANI)