Reversing three consecutive sessions of losses, the Indian stock market's benchmark Sensex was trading 354 points higher in the afternoon session on Monday led by good buying support in banking and financial stocks.
The 30 stock S&P BSE Sensex was trading 353.68 points or 0.60 per cent higher at 59,194.47 points against its previous session's close at 58,840.79 points.
Earlier, the Sensex started the day in the red at 58,747.31 points and fell to a low of 58,487.76 points in the early morning trade. The markets witnessed good buying support later in the day. The Sensex rose to a high of 59,277.55 points in the intra-day.
The Sensex is trading in the positive after three consecutive sessions of slump in the market. The Sensex had lost 1093.22 points or 1.82 per cent on Friday, the previous trading session.
The broader Nifty 50 of the National Stock Exchange was trading 115.70 points or 0.66 per cent higher at 17,646.55 points against its previous session's close at 17,530.85 points.
The Nifty had lost 346.55 points or 1.94 per cent on Friday.
There was good buying support in banking and financial stocks. Bajaj Finance surged 2.84 per cent to Rs 7497. Bajaj Finserv jumped 2.28 per cent to Rs 1774.70.
State Bank of India was trading 1.68 per cent to Rs 571.05. Mahindra & Mahindra surged 3.47 per cent to Rs 1293.85.
Nestle India, Hindustan Unilever, Axis Bank, Tech Mahindra and Infosys were among the major Sensex gainers.
Only nine of the 30 scrips that are part of the benchmark Sensex were trading in the red. Tata Steel slipped 1.42 per cent to Rs 104.30. Power Grid Corporation, NTPC, Asian Paints, ICICI Bank and Sun Pharma were among the major Sensex losers.
The share price of Ambuja Cements Limited surged by over 10 per cent on Monday to hit a fresh lifetime high after Adani Group, which completed the acquisition of the firm last week, announced Rs 20,000 crore fund infusion plan.
On the BSE, Ambuja Cements Limited's share was trading 8.03 per cent higher at Rs 557.75 at 1.12 pm.
The scrip surged to a high of Rs 572 in the intra-day gaining more than 10 per cent from its previous session's close at Rs 516.30.
The share price of Ambuja Cement Limited hit a fresh lifetime high a couple of days after Adani Group completed the acquisition of the firm.
( With inputs from ANI )
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