MUMBAI: The Indian equity market on Monday ended with around 1 per cent gains amid FII buying, bouncing back from the last trading session's correction.
The return of FIIs, positive earnings of PSU banks in Q1 and buying in the broader market fueled the bullish sentiment. The robust mutual fund inflow data released by the Association of Mutual Funds in India (AMFI) also boosted the market momentum in the last trading hours.
Sensex settled at 80.604.08, up 746.29 points or 0.93 per cent. The 30-share index started the session flat at 79, 885.36 against last session's closing of 79, 857.79. Later, the index experienced an overall heavy buying amid the return of FIIs and robust Mutual Fund Inflow data for July. The Index touched an intraday high at 80, 636.05.
Nifty ended the session at 24, 585.05, up 221.75 points or 0.91 per cent.
"The market saw a relief rally post a 3-month low; a positive global cue and a gradual return of FIIs supported the sentiment, " said Vinod Nair, Head of Research, Geojit Investments Limited
The PSU banks took the limelight amidst Q1 results from the banking major, while a broad-based momentum was visible across all sectors.
Investors are positively assessing the upcoming US-Russia Summit this week, which may possibly give way to a de-escalation in geopolitical tensions, Nair added.
Tata Motors, Eternal, Adani Ports, Trent, SBI, L&T, Mahindra and Mahindra, Axis Bank, Sun Pharma, HDFC Bank, HCL Tech and Kotak Bank were among the top gainers. While Bharati Airtel, BEL and ICICI Bank closed slightly lower.