Sensex rallies 593 pts; financial, auto stocks take charge

Equity benchmark Sensex rallied 593 points on Monday, driven by intense buying in mainly financial and auto stocks amid strong cues from global markets.

The 30-share BSE Sensex settled 592.97 points or 1.59 per cent higher at 37,981.63, while the NSE Nifty surged 177.30 points or 1.60 per cent to 11,227.55.

In the Sensex pack, IndusInd Bank was the top gainer, soaring around 8 per cent, followed by Bajaj Finance, Axis Bank, PowerGrid, ONGC, ICICI Bank, Sun Pharma and M&M.

On the other hand, HUL, Infosys and Nestle ended in the red.

"Key Indices ended high as bulls led the charge backed by financials and well supported by auto and pharma stocks," said S Ranganathan, Head of Research at LKP Securities.

According to traders, domestic equities traded on a positive note tracking strong buying sentiment in global equities ahead of the first US presidential debate.

Global investors are eyeing the first US presidential debate, set for Tuesday, between US President Donald Trump and Democratic candidate Joe Biden.

It could influence the course of US policies and is likely to affect share prices across the world, analysts said.

Bourses in Hong Kong, Tokyo and Seoul ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe were trading with strong gains in early deals.

Meanwhile, international oil benchmark Brent crude was trading 0.68 per cent lower at USD 42.12 per barrel.

In the forex market, the rupee settled 18 paise lower at 73.79 against the US dollar.