Market Wrap: Sensex, Nifty snap two-day losing run; mid, smallcaps outperform; investors richer by a lakh crore in a day

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Nifty snapped their two-day losing run on Monday on gains in select heavyweights, including HDFC Bank, Larsen & Toubro and Mahindra & Mahindra amid largely positive global cues after China announced steps to give a boost to its market. China cut the stamp duty on stock trading by fifty per cent, starting Monday. Besides, it also said it will slow the pace of initial public offerings (IPOs).

The China Securities Regulatory Commission (CSRC) has cited recent market conditions as its rationale for slowing the pace of IPOs. Global markets witnessed gains after China announced these measures. However, gains were capped as investors remained cautious ahead of key US and European macroeconomic data that will be released later this week.

After opening about 22 points higher at 64,908.08 against the previous close of 64,886.51, the Sensex rose 327 points during the session to hit the intraday high of 65,213.45. The index, however, cooled off later and ended 110 points, or 0.17 per cent, up at 64,996.60 while the Nifty50 closed at 19,306.05, up 40 points, or 0.21 per cent. Mid and smallcaps outperformed the benchmark index.

The BSE Midcap index rose 0.59 per cent while the Smallcap index climbed 0.67 per cent. The overall market capitalisation of the firms listed on the BSE rose to nearly ₹307.8 lakh crore from nearly ₹306.8 lakh crore in the previous session, making investors richer by ₹1 lakh crore in a single day. As many as 228 stocks, including Bharat Forge, Federal Bank, APL Apollo Tubes, Procter & Gamble Hygiene and Health Care and Solar Industries India, hit their fresh 52-week highs in intraday trade on BSE on Monday.