Markets close higher on gains in IT, oil stocks

Benchmark BSE Sensex and Nifty closed higher in a highly volatile trade on Monday, riding on the back of a recovery in IT, oil and financial stocks after a two-day fall.

The 30-share Sensex recovered 169.51 points or 0.29 per cent to settle at 59,500.41.

During the day, it rose by 313.34 points or 0.52 per cent to 59,644.24.

The broader NSE Nifty gained 44.60 points or 0.25 per cent to end at 17,648.95 as 29 of its stocks advanced.

From the Sensex pack, Bajaj Finance, UltraTech Cement, Bajaj Finserv, HCL Technologies, NTPC, Asian Paints, Infosys, Wipro, Maruti, Mahindra & Mahindra and Tata Consultancy Services were among the major winners.

Power Grid, IndusInd Bank, Larsen & Toubro, Tata Steel, Hindustan Unilever, Tata Motors, State Bank of India and HDFC were among the laggards.

Elsewhere in Asia, equity markets in Seoul and Hong Kong ended lower, while Tokyo and Shanghai settled in the green.

International oil benchmark Brent crude dipped 0.25 per cent to $86.44 per barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,977.86 crore on Friday, according to exchange data.

Meanwhile, most of the Adani Group companies ended lower on Monday, a day after it released a 413-page response to allegations of wrongdoing by US-based short seller Hindenburg Research.

Three of the Adani Group companies closed in the positive territory, while at least seven others were in the red.