Sensex, Nifty surge to highest level in nearly six months

Indian domestic equity benchmarks (Sensex and Nifty) rose to their highest levels since the third week of September as foreign portfolio investors continue to buy shares in Indian equity markets.

Rally on Monday's session was led by blue-chip shares like Reliance Industries, ICICI Bank, Bharti Airtel, State Bank of India and HDFC. The S&P BSE Sensex rose 1.04 per cent or 383 points to close at 37,054 and the NSE Nifty 50 Index climbed 1.2 per cent or 133 points to shut shop at 11,168, according to NDTV Online.

Foreign investors continued with their shopping spree in Indian equities in March. Foreign portfolio investors have so far this month invested Rs. 5,621 crore in equity markets, according to data compiled by National Securities Depository Limited (NSDL). In February, the foreign investors turned net buyers of equities and bought shares worth Rs. 17,219.62 crore after they sold shares worth Rs. 4,262 crore in January, NSDL data showed.

"Global funds are flowing towards India and that's why Sensex and Nifty are rising and they will continue to do so in the near term," AK Prabhakar, head of research at IDBI Capital told NDTV over phone.

Eighteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 5.55 per cent surge. Auto, consumer durables, oil & gas, energy, power and metal gauges also climbed between 2 and 3 per cent. On the flipside, S&P BSE Information Technology Index was the lone loser; the index dropped tracking gains in rupee which appreciated against the dollar.

Gains in Monday’s session were broad-based as the S&P BSE MidCap Index rose 1.96 per cent and the S&P BSE SmallCap Index advanced 1.61 per cent.

Bharti Airtel was the top gainer in Nifty 50 basket of shares, the stock rose 8.42 per cent to Rs. 334.70. Hindustan Petroleum, Bharat Petroleum, Eicher Motors, Bharti Infratel, Power Grid and Coal India were also among the gainers. On the flipside, NTPC, Tata Consultancy Services, Zee Entertainment, HCL Technologies and Tech Mahindra were among the notable laggards.