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Market Update: Sensex ends 83.34 points higher; Nifty 50 up by 25.30 points in the closing session

Equity benchmark Sensex surrendered most of the day’s gains to end marginally higher on Monday as investors chose to book profits after a swift market rally.

After surging over 640 points in early trade, the 30-share BSE index settled 83.34 points, or 0.24 per cent, higher at 34,370.58.

Similarly, the NSE Nifty closed 25.30 points, or 0.25 per cent, up at 10,167.45.

IndusInd Bank was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Axis Bank, Bajaj Finance, ONGC, Titan, Infosys and Tech Mahindra.

Shares of Reliance Industries (RIL) jumped around 3 per cent during the day, hitting their one-year peak, after the company sold 1.16 per cent stake in its digital unit Jip Platforms to Abu Dhabi Investment Authority for Rs 5,683.50 crore.

Shares, however, closed 0.51 per cent lower as investors cashed in on recent gains. M&M, UltraTech Cement, HDFC Bank and Nestle India were also among the laggards.

Market opened on a positive note following positive cues from Asian peers as OPEC+ output cut extension for additional month, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

However, during the afternoon session, benchmarks gave up most gains on profit-booking by traders after an almost 1,200 point rally in Nifty since last week, he added.

On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo settled with gains, while those in Europe were trading on a weak note.

International oil benchmark Brent crude futures rose 0.95 per cent to USD 42.70 per barrel.

On the currency front, the rupee settled on a muted note, up 3 paise, at 75.55 (provisional) against the US dollar.

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