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IndusInd Bank, Tata Motors, PowerGrid pull up benchmark indices.
The Indian stock market closed higher on Monday, both indices – Sensex and Nifty – finishing higher. The Sensex gained 179 points, or 0.31%, to close at 58,450, while the Nifty added 41 points, or 0.23%, to finish at 17,436. The markets were boosted by gains in IndusInd Bank, PowerGrid, and Tata Motors, among others.
The top gainer was IndusInd Bank on Nifty, rising 4.7%, after the bank announced a merger with Bharat Financial Inclusion. PowerGrid Corporation of India rose 3.8%, while Tata Motors gained 2.8%, after the company reported strong sales figures for April.
On the sectoral front, the Nifty Auto index was the top performer, up 1.3%, followed by the Nifty Bank index, which gained 0.9%. The Nifty Realty index was the worst-performing sector, down 0.6%.
Market experts believe that the Indian stock market will continue to remain volatile in the short term, as concerns over rising COVID-19 cases in the country continue to weigh on investor sentiment. However, they remain optimistic about the market’s long-term prospects, as the economy recovers from the pandemic.
On Friday, the Reserve Bank of India will announce its bi-monthly monetary policy. Market participants will watch closely for any changes to interest rates or other policy measures that could impact the market.