MUMBAI: Strong buying in Reliance Industries, along with HDFC and HDFC Bank after Friday’s selloff, lifted the sensex by 710 points, or 1. 2%, on Monday to end at 61,764 points — the highest since its close at 61,806 points on December 19, 2022. Most banking and financial stocks ended higher. A strong closing on Wall Street on Friday night also supported the rally, market players said. The Nifty index closed at 18,264 points, up 195 points or 1. 1% on the day.
Domestic indices bounced back following global peers after the US reported strong jobs data, Siddhartha Khemka of Motilal Oswal Financial Services said.

“Nifty opened higher and continued to strengthen through the session to close near the day’s high. Almost all sectors ended in green with realty, auto, financial services and banking being top gainers. Continued earnings momentum in banking stocks and sustained credit growth at 15. 9% led to a ral-ly in Nifty Bank (index),” Khemka said in a note.
Strong monthly sales numbers by auto stocks also helped investor sentiment on Monday, market players said.
The day’s buying was led by foreign funds, which net bought stocks worth Rs 2,124 crore, BSE data showed. In May, foreign portfolio investors (FPIs) have so far net infused funds worth nearly Rs 17,000 crore, the highest monthly figure since November 2022, data from CDSL and BSE showed.
The rally in Reliance stock came on a day a report by foreign broking major JPMorgan said it was overweight (OW) on the stock. “We remain OW and continue to see the stock price offering attractive risk-reward as full benefits of the $45 billion of investments/capex across businesses over FY22-24 to start flowing through FY25,” the report noted.
The day’s rally added about Rs 2. 3 lakh crore to investors’ wealth with BSE’s mcap now at Rs 279. 5 lakh crore, official data showed.