Sensex Exceeds 60,000, Nifty Crosses 18,000: Nifty PSU Bank Soars, Pharma Cracks

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Sensex Exceeds 60,000, Nifty Crosses 18,000: Nifty PSU Bank Soars, Pharma Cracks

By Malvika Gurung -- After recording its worst week in six months, the Indian benchmarks made a positive opening in the last week of 2022, trading on a firm note on Monday, led by a rally on banking, auto and metal stocks.

At the time of writing, headline indices Nifty 50 rose 1.07%, jumping to 18,004.95 earlier in the day and Sensex surged 1.11% or 664.33 points, reclaiming the psychologically significant 60,000 mark, trading at 60,502 levels. The market volatility barometer India VIX slipped 0.71% to 16.05.

Most stocks traded higher on the Nifty50 index, led by IndusInd Bank (NS: INBK ), Tata Motors (NS: TAMO ), Tata Steel (NS: TISC ), Eicher Motors (NS: EICH ) and Hindalco (NS: HALC ), among others, while heavyweights including Coal India (NS: COAL ), SBI (NS: SBI ), ITC, Adani Enterprises (NS: ADEL ) and Larsen & Toubro (NS: LART ) extended support to the market.

Reversing the previous session’s trend, pharmaceutical stocks were the worst performers on Monday, as giants like Dr. Reddy’s Laboratories Ltd (NS: REDY ), Divi's Laboratories Ltd. (NS: DIVI ), Cipla (NS: CIPL ) and Sun Pharmaceuticals (NS: SUN ) led the losses.

Barring Nifty Pharma and Nifty Healthcare , all sectoral indices under the Nifty umbrella gained in the session, led by a whopping 4.8% rally in Nifty PSU Bank , followed by Nifty Metal and Nifty Realty . Nifty Bank surged 1.52%.

Indian market indices followed their Asian peers, as KOSPI , Nikkei 225 and Shanghai Composite advanced up to 0.72% on Monday. 

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