Stock market today: Nifty50 ends above 25,650; BSE Sensex up 650 points

Stock market today: Nifty50 and BSE Sensex rallied strongly in trade on Monday after a selloff triggered by IT stocks last week, Equity benchmark indices Sensex and Nifty rebounded sharply, gaining around 1% each, led by strong buying in power, banking and financial stocks amid mixed global cues and supportive domestic factors.The 50-share NSE Nifty rose 211.65 points, or 0.83 per cent, to close at 25,682.75. The 30-share BSE Sensex climbed 650.39 points, or 0.79 per cent, to end at 83,277.15. Market participants said investor sentiment improved on the back of a largely steady rupee and stable global crude oil prices ahead of US-Iran talks. Buying interest remained concentrated in banking and power counters, which helped lift the indices despite continued weakness in select sectors.Market breadth remained weak, with 2,565 stocks declining, 1,747 advancing and 184 remaining unchanged on the BSE. The market capitalisation of BSE-listed firms increased by Rs 3,11,982.13 crore to Rs 4,68,58,625.33 crore, equivalent to USD 5.17 trillion.Among broader markets, the BSE Midcap Select Index gained 0.95 per cent, while the Smallcap Select Index slipped 0.16 per cent. Sectorally, Power emerged as the top performer with a rise of 2.40 per cent, followed by Utilities, PSU Bank, Realty, Bankex, BSE Top 10 Banks, Energy, Capital Goods and Private Banks indices. Consumer Discretionary and Auto were the only sectors that ended lower.“Market sentiment remained fragile as the recent selling pressure in the technology space continued to weigh on overall confidence. However, notable strength in banking and select heavyweight stocks from other sectors helped absorb the pressure and triggered a rebound in the index,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.The rupee ended flat at 90.66 against the US dollar in range-bound trading. On Friday, the Sensex had dropped 1,048.16 points to close at 82,626.76, while the Nifty fell 336.10 points to settle at 25,471.10.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)