Markets rebound after 5-days of decline, Sensex rises 500 points

From the 30 blue-chip stocks, ITC, Tech Mahindra, HDFC Bank, Reliance Industries, IndusInd Bank, Titan, State Bank of India and ICICI Bank were the biggest gainers

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MUMBAI: Equity benchmark indices Sensex and Nifty rebounded sharply on Monday after five days of steep decline amid value buying at lower levels and a supportive trend in global markets.

Besides, bargain hunting in blue chip stocks like ITC, HDFC Bank and Reliance Industries added to the optimism in the equity market, traders said.

The 30-share BSE benchmark Sensex jumped 498.58 points or 0.64 per cent to settle at 78,540.17. During the day, it soared 876.53 points or 1.12 per cent to 78,918.12.

The NSE Nifty surged 165.95 points or 0.70 per cent to 23,753.45.

"The Indian market demonstrated optimism following the recent sell-off. The lower-than-expected US PCE print bolstered investor sentiment in interest rate-sensitive sectors. Broad-based buying was observed, with the metals sector notably benefiting from the anticipated increase in steel import taxes."