Sensex surges 364 points; financial stocks lead rally

Domestic equity benchmark Sensex rallied 364 points on Monday, driven by strong buying in financial counters amid a positive trend in global equities and sustained foreign fund inflows.

The BSE Sensex ended 364.36 points or 0.95 per cent higher at 38,799.08. The NSE Nifty jumped 94.85 points or 0.83 per cent to 11,466.45.

Kotak Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by IndusInd Bank, Bajaj Finance, HDFC Bank, ICICI Bank, Bajaj Finserv, Maruti and SBI.

On the other hand, PowerGrid, M&M, Tech Mahindra, Titan, NTPC, Bajaj Auto and UltraTech Cement were among the laggards.

According to traders, domestic bourses followed the positive trend in global equities, with strong buying in financial stocks lifting the key indices.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant gains.

Stock exchanges in Europe too opened on a strong note.

Sustained foreign fund inflows also boosted investor sentiment here, traders said.

Foreign institutional investors bought equities worth Rs 410.16 crore on a net basis on Friday, exchange data showed.

In the forex market, the rupee soared 52 paise to settle at 74.32 against the US dollar.

Meanwhile, global oil benchmark Brent crude was trading 0.71 per cent higher at USD 45.25 per barrel.