Sensex surges 941 points: Here are 5 factors which unleashed the bulls
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Indian headline indices returned to their winning ways after a one-day hiatus, led by strong buying action in banks. While the S&P BSE Sensex rallied 990 points to hit the day's high of 74,721.15, the broader Nifty50 climbed by over 230 points to hit 22,655 mark. Finally, the Sensex on Monday settled at 74,671.28, up 941.12 points or 1.28%, while Nifty 50 closed at 22,643.40, gaining 223.45 or 1%. Volatility remained high as India VIX closed at 12.24%, gaining 12% over Friday’s closing. Here are a few factors that led to the surge in Nifty and Sensex: 1) Banks and financials shine Banking stocks which corner the highest weight in the 50-stock Nifty were trading with strong momentum. ICICI Bank, SBI, HDFC Bank and Kotak Bank were four of the top five index contributors today.The Nifty Bank index hit a fresh lifetime high today, rising 1,200 points. Barring IDFC First Bank and Bandhan Bank, the remaining 10 counters in Nifty Bank we...