Sensex jumps 603 points; ICICI Bank climbs 3%

Stock markets snapped the five-day losing streak on Monday with the benchmark Sensex rebounding 602 points on buying in ICICI Bank, firm global trends and continuous buying by domestic institutional investors.

The BSE Sensex jumped 602.75 points or 0.76 per cent to settle at 80,005.04.

During the day, it surged 1,137.52 points or 1.43 per cent to 80,539.81.

The NSE Nifty soared 158.35 points or 0.65 per cent to 24,339.15.

A sharp correction in global crude prices in international markets boosted sentiments, traders said.

From the 30 Sensex pack, ICICI Bank climbed 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 2024.

JSW Steel, Mahindra & Mahindra, Adani Ports, Tata Steel, Sun Pharma, Hindustan Unilever, Tata Motors and State Bank of India were the other big gainers from the pack.

Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Maruti were  the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled higher.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,036.75 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,159.29 crore, according to exchange data.

Global oil benchmark Brent crude eased 5.84 per cent to $71.54 a barrel.