Stock Market closing: Nifty reclaims 18,000, Sensex gains 650 points to close 1 per cent higher

The Indian markets on Monday extended their winning streak to second consecutive days as domestic equity benchmarks gained 1 per cent each on Monday. Headline indices Nifty 50 breached 18,000 mark, while the S&P BSE Sensex added over 650 points to close at 18,003.30 and 60,395.63 respectively.   

All broader market indices ended higher on Monday, while all sectoral indies too closed in the green on the first trading day of the week. The 12-share banking index Bank Nifty surged nearly 2 per cent during the day as the index closed on 38,347.90, up 608.30 points. 

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UPL, Titan, Hero MotoCorp, Maruti, Tata Motors, L&T, Kotak Bank, State Bank of India, HDFC, ICICI Bank, Infosys and ITC gained the most on Monday. Wipro, Divis Labs, Nestle India, Tata Consumer, Asian Paints, Powergrid, Dr Reddy's, IndusInd Bank and HCL Tech were among top losers.  

Vinod Nair, Head of Research at Geojit Financial Services, said domestic market displayed strong momentum amid weak global markets and rising covid cases on expectations of a healthy start to the earnings season.  

"PSU Banks led the sectorial rally as reports suggested an increase in FPI limits, while the realty sector followed the trend on robust sales numbers and expectations of support measures in the upcoming budget. Globally, bourses were muted as reports of record-high Eurozone inflation at 5% kept investors on the edge while awaiting the release of the US inflation data later this week, which is expected to remain elevated," said the expert.