Sensex spikes up by 341 points

The Indian markets zoomed up on Monday on the back of global cues. The BSE Sensex and Nifty50 up 341 and 88 points, respectively in the last trading session of the day.

Nifty50 was charting its 200-DMA and the day's highs bring both the indices returns into positive territory for the year 2019.

US President Donald Trump in a series of tweets on Sunday said: “the U.S. has made substantial progress in our trade talks with China...As a result of these very productive talks, I will be delaying the U.S. increase in tariffs... We will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement.”

Trump's tweets considerably diffused trade-war tension at least for the short-term. In responses to this US stock futures and Asian markets surged on Monday, following the trend, the Indian markets were also moving in the upward trajectory since the morning session. The benchmark index BSE Sensex closed at 36,213.38, up by 341.90 points or 0.95 per cent, while Nifty50 closed at 10,879.75, up by 88.10 points or 0.82 per cent.

Among the toppers on BSE Sensex were Yes Bank, Infosys, TCS, IndusInd Bank, HCL Tech and Bharti Airtel. The stock of TCS was at Rs. 1,988.40, up by 3.25 per cent, Infosys was at Rs. 755.00, up by 2.95 per cent, Yes Bank was Rs. 227.80, up by 2.64 per cent, while IndusInd Bank, HCL Tech and Bharti Airtel were up more than 1 per cent on Monday.

Among the losers were Coal India, L&T, Axis Bank, SBI, Power Grid, ONGC, which were up down 0.40 to 0.05 per cent.

Sectorially, Nifty IT was up more than 2 per cent followed by Nifty Auto, Nifty Bank indices up by more than 1 per cent, while Nifty Realty which was trading higher in the first half of the trading day closed down by 0.73 per cent, followed by Nifty Media and Nifty PSU down by approximately 0.20 per cent.