Midday report: Sensex surges 1145 points, Nifty up by 349 points

Indian equity indices were upbeat in the afternoon session, owing to widespread purchasing in blue chip stocks. Traders were encouraged as foreign investors turned net purchasers after eight days of being net sellers. According to National Stock Exchange statistics, international portfolio investors purchased securities worth Rs 590.58 on Monday.

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Asian markets were trading higher with Taiwan Weighted gaining 276.04 points or 2.08% to 13,576.52, KOSPI climbed 53.89 points or 2.5% to 2,209.38, Straits Times increased 24.82 points or 0.8% to 3,131.91, Jakarta Composite rose 55.90 points or 0.8% to 7,065.62 and Nikkei 225 was up by 776.42 points or 2.96% to 26,992.21.

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The Sensex is presently trading at 57,934.71, up 1145.90 points or 2.02% from a low of 57,506.65 and a high of 58,035.69. On the index, 28 equities advanced while only two declined.

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The broader indices were trading in green with the BSE Midcap index rising 1.99%, while the Small cap index was up by 1.42%. The top gaining sectoral indices on the BSE were Bankex up by 2.50%, Metal up by 2.39%, IT up by 2.38%, Power up by 2.28% and Utilities was up by 2.26%, while there were no losing sectoral indices on the BSE.

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The biggest gainers on the Sensex were IndusInd Bank (+4.84%), Bajaj Finance (+3.64%), TCS (+2.95%), HDFC (+2.85%), and Bajaj Finserv (+2.69%). The only losers were Power Grid, which fell by 0.93%, and Dr Reddy’s Lab, which fell by 0.22%.

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The Nifty is presently trading at 17,237.15, up 349.80 points or 2.07% after fluctuating in a range of 17,117.30 and 17,257.55. On the index, 48 equities advanced while only two declined.

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The biggest gainers on the Nifty were IndusInd Bank (+4.86%), Adani Ports (+4.47%), Hero MotoCorp (+3.60%), Bajaj Finance (+3.57%), and Adani Enterprises (+3.28%). The few losers were Power Grid, which fell by 1.00%, and Dr Reddy’s Lab, which fell by 0.19%.